Wednesday, June 26, 2013

RuPay cards can be used online

Account holders in rural banks and small cooperatives can now make online purchases with the National Payment Corporation of India launching an e-commerce solution for its RuPay card. RuPay is India's answer to Visa and MasterCard and has been set up at the behest of the Reserve Bank of India (RBI) to bring down transaction costs and spread electronic payments.



"Functionality across ATMs, credit card point of sale terminals and over the internet are the holy trinity of any electronic payment service. Until now, the card could be used in ATMs and as a debit card only. Now, with the e-commerce platform also available, banks should have no reluctance in issuing RuPay cards," said A P Hota, MD & CEO, NPCI.

Over 30 lakh RuPay cards have been issued since it was launched in March 2012. RuPay debit cards are being issued by 20 commercial banks, 32 RRBs and over 75 co-operative banks. As against this, commercial banks have already issued over 30 crore debit cards, most of them on the Visa and MasterCard network.

What makes RuPay transactions distinctive from Visa or MasterCard transactions is that the ATM pin number doubles as the secure code since RuPay manages both the ATM and e-commerce network.
Speaking at the launch, H R Khan, deputy governor, RBI, said that the objective was to ensure that RuPay transactions touched every Indian by 2020.

"The whole purpose of a payment system is to reduce the use of cash. One of the unintended consequence of increasing the number of ATMs has been that demand for cash has actually gone up," he said.
Khan said that RBI has directed banks to improve the security level on cards by introducing a chip and pin-based payment system by end-June 2013. "We will be reviewing the progress in the next couple of days," he said.

The company will set up machines and earn revenues from fees for every transaction from the card-issuing bank.

NPCI Launches RuPay PaySecure, an e-commerce Solution

http://www.marketwatch.com/story/npci-launches-rupay-paysecure-an-e-commerce-solution-2013-06-24

Acculynk's PaySecure(R) online PIN pad authenticating RuPay consumers


MUMBAI, India, Jun 24, 2013 (BUSINESS WIRE) -- National Payments Corporation of India (NPCI), the umbrella organization of all retail payment systems in India, today announced the much-anticipated RuPay PaySecure e-commerce solution at an inaugural event in Mumbai. 

RuPay PaySecure solution, which is devoted to serve the citizens of India with exceptional and user-friendly features, was launched by Shri H. R. Khan, Deputy Governor of Reserve Bank of India (RBI), in the presence of Indian banking stalwarts. 

With the RuPay PaySecure solution, anyone having RuPay cards can make online payments to fulfill various need-based services such as reservations, booking, ticketing, shopping, utility bill payments in a secured manner. 

Bank of Baroda, Union bank of India and Kotak Mahindra Bank are first to join as acquirers whereas Bank of Baroda, Union Bank of India and Bank of India have become issuers. State Bank of India and HDFC Bank will soon join the bandwagon. 

Speaking at the launch, Shri A. P. Hota, Managing Director & CEO, NPCI, said, "Enabling the RuPay card for online transaction through the PaySecure solution will positively impact e-commerce growth in India and be positive for issuers, merchants and consumers. With this launch, NPCI is one step closer to fulfilling the vision of bringing millions of RuPay cardholders to e-commerce." 

"The launch of PaySecure with RuPay in India, Acculynk is well on its way to becoming the first global debit authentication network, bringing together debit cardholding consumers from across the globe to merchants," said Ashish Bahl, CEO, Acculynk. "Our ability to bring millions and frankly billions of new consumers from debit centric markets to U.S. merchants with a single PaySecure implementation is a game changer for e-commerce." 

NPCI's RuPay PaySecure solution has integrated with 100-plus merchant websites across multiple categories that would accept RuPay card for online payment services. NPCI is aiming to cover 100% of e-commerce market by this year-end, for which, significant efforts are being made consistently.
RuPay PaySecure conforms to the RBI mandate of two factor authentication- firstly, it uses two security parameters to authenticate a customer and authorize transaction through the participating banks, and secondly, the solution uses 'image selection' for ensuring additional security of every single transaction. This innovative authentication methodology simplifies and improves the existing e-commerce experience of the cardholder as they don't need to remember complicated passwords or suffer through transaction drops or time-outs, thus making the service more user-friendly and quicker. 

NPCI has partnered with US-based online security specialized firm Acculynk to integrate to Acculynk's patented technology that will address the critical internet based frauds targeted at banks and their customers such as - cyber-attack mechanisms like phishing, key-logging, and spyware/malware. NPCI will address these issues with effective visual security checks such as bank card themed PIN pad, mouse click data entry, customer's personalized parameters and more. 

Enablement of RuPay debit card, India's domestic card, for e-commerce is a big step towards online payment revolution. RuPay cards issuance has grown to over 3 million in just one year ever since it has been launched in March 2012, and the numbers are adding up. RuPay debit cards are being issued by 20 commercial banks, 32 Regional Rural Banks and over 75 co-operative banks. 

At the end of April 2013, more than 336 million bank customers were issued debit cards growing at compound annual rate of 18 percent with the number of credit cards in the market under 20 million, growing at between six and seven percent. The Internet and Mobile Association of India estimates India has 52 million active Internet users and 40 percent of them have shopped online. The introduction of RuPay as an online payment method is expected to contribute to a substantial increase in the number of active online shoppers. 

About NPCI
National Payments Corporation of India (NPCI) is the umbrella organization of all retail payment systems in India and is set up by the banks in India with the support and guidance from Indian Banks' Association. The organization has been mandated to build and operate central infrastructure for payment systems like ATM Switching, Mobile Payments, Cheque Truncation System, POS Switching, 24 * 7 remittance system and Financial Inclusion transactions. The organization has also a mandate to build a domestic card payment scheme.
Visit http://www.npci.org.in 

About Acculynk
Acculynk secures online transactions with a suite of software-only services backed by a patented authentication and encryption framework that provides greater security for issuers, EFT networks, merchants and payment processors. Acculynk's PaySecure(R) utilizes a graphical PIN-pad for the secure entry of a consumer's PIN online and is available to merchants through existing acquirer relationships, enabling speedy implementation. PaySecure is currently enabled on over 6,000 merchant websites. Acculynk has partnerships with 11 EFT networks to process PaySecure transactions and with six leading payment processors, and is certified with PULSE, First Data and Master Card, among other key industry leaders. Additionally, Acculynk solutions include PayLeap, a gateway and acquiring and card processing services, and Payzur, a debit-based P2P solution.

Wednesday, June 19, 2013

NPCI’s RuPay Enables E-Commerce Payments; RuPay Roadmap

Rupay Logo
http://www.medianama.com/2013/06/223-rupay-e-commerce-roadmap/



NPCI’s RuPay Enables E-Commerce Payments; RuPay Roadmap

National Payments Corporation of India‘s (NPCI) payment network RuPay has now started accepting e-commerce payments, reports NextBigWhat. The network was previously limited to ATMs, prepaid cards and point of sale (PoS) terminals.
Its currently not clear as to when NPCI enabled this service, since there is no mention of this on the website, however several websites like Coke2home, JustRechargeIt and FutureBazaar have started accepting RuPay payments as a payment option, as indicated by the report. Payment gateway company CCAvenue* also told the publication that it is one among the NPCI authorized companies to process RuPay debit cards.
Last month, NPCI Managing Director and CEO A P Hota had told PTI (via The Economic Times) that RuPay network will be e-commerce ready by May 25, following which RuPay will be available on the entire e-payments space. Hota had claimed that it has issued 3 million RuPay debit cards as of March end, up from 200,000 in March 2012 and hopes to cross the the 10 million mark by the end of current fiscal (FY 2014). He also claimed that these cards are now accepted at 1.12 lakh ATMs and around 1.8 lakh merchant terminals in the country.
Launched in March 2012, RuPay competes with international payment product facilitators like MasterCard and Visa. At launch, Four public sector banks, State Bank of India, Bank of Baroda, Bank of India, and Union Bank of India, had launched debit cards based on the platform and six banks had signed MoUs to launch cards on the the RuPay platform.
This seems to have increased to nine banks now including public sector banks like Canara Bank, Punjab National Bank, Oriental Bank of Commerce, Punjab & Sind Bank and private bank like Federal Bank, as indicated by the ET report.
RuPay charges about 0.01% transaction fee and claims that it will allow Indian banks to save on foreign currency as the fees to international payment companies will be paid in rupees instead of dollars, as indicated by Livemint report. NPCI has also partnered (pdf) with Discover Financial Services in March 2012, to expand its services globally. Earlier this month, Punjab government initiated a special project to make online payment to the Artiyas through ‘RuPay Debit Card’ within 48 hours of the procurement.
RuPay Roadmap: As per NPCI’s website, it plans to roll out RuPay in five different phases – ATM, Debit Cards, Prepaid cards & PoS terminals, e-commerce and virtual cards, EMV and contact less cards and Credit cards. Of this, the organization has now completed e-commerce rollout with virtual cards, contact less cards and credit cards pending.
RuPay Roadmap
While, the website hasn’t disclosed any specific timeline on this roadmap, remember that RBI has mandated all banks to convert the existing magstripe cards to EMV cards all customers who have used their cards internationally at least once, by June 30, 2013.

Friday, June 14, 2013

Rupay Card: ATM card of Gramin and Co-operative Banks

Technological advancements are affecting lives like never before. Demand for ATM-cards which facilitates easy cash withdrawal is rising day by day. Now, public and private sector banks are planning to provide ATM cards to most of the bank account holders. However, the customers of Gramin and co-operative banks are still devoid of the ATM-card facility. These banks are also mulling to extend the ATM-card facility to its customers as well. There are plans to provide indigenous and highly secured ‘Rupay Card’ to its customers.

Baroda Uttar Pradesh Gramin Bank has already initiated the process of providing ATM-cards. Regional Manager G P Garg said that 5,000 cards will be issued in first phase. Banks are requesting applications for issuance of cards. He further said that initially the bank will not be setting up its own ATM centre. However, the customers will be able to withdraw cash from any other bank’s ATMs. Whereas, urban co-operative bank has also moved in direction of issuing ATM cards to most of the customers. Managing Director Shreepal Kashyap said that the customers will be issued ATM cards by the last week of July. Two ATM centre will also be installed.

Rupay Card

Rupay card is based on indigenous technique. The domestic card is designed by National Payments Corporation of India. It has been introduced with an objective to minimize the overall transaction cost of banks. Till now, the ATM cards were designed on foreign techniques of master and visa cards. - See more at: http://post.jagran.com/rupay-card-atm-card-of-gramin-1371213284#sthash.h0IhJ5ra.dpuf
Technological advancements are affecting lives like never before. Demand for ATM-cards which facilitates easy cash withdrawal is rising day by day. Now, public and private sector banks are planning to provide ATM cards to most of the bank account holders. However, the customers of Gramin and co-operative banks are still devoid of the ATM-card facility. These banks are also mulling to extend the ATM-card facility to its customers as well. There are plans to provide indigenous and highly secured ‘Rupay Card’ to its customers.

Baroda Uttar Pradesh Gramin Bank has already initiated the process of providing ATM-cards. Regional Manager G P Garg said that 5,000 cards will be issued in first phase. Banks are requesting applications for issuance of cards. He further said that initially the bank will not be setting up its own ATM centre. However, the customers will be able to withdraw cash from any other bank’s ATMs. Whereas, urban co-operative bank has also moved in direction of issuing ATM cards to most of the customers. Managing Director Shreepal Kashyap said that the customers will be issued ATM cards by the last week of July. Two ATM centre will also be installed.

Rupay Card
Rupay card is based on indigenous technique. The domestic card is designed by National Payments Corporation of India. It has been introduced with an objective to minimize the overall transaction cost of banks. Till now, the ATM cards were designed on foreign techniques of master and visa cards. - See more at: http://post.jagran.com/rupay-card-atm-card-of-gramin-1371213284#sthash.h0IhJ5ra.dpuf
Technological advancements are affecting lives like never before. Demand for ATM-cards which facilitates easy cash withdrawal is rising day by day. Now, public and private sector banks are planning to provide ATM cards to most of the bank account holders. However, the customers of Gramin and co-operative banks are still devoid of the ATM-card facility. These banks are also mulling to extend the ATM-card facility to its customers as well. There are plans to provide indigenous and highly secured ‘Rupay Card’ to its customers.

Baroda Uttar Pradesh Gramin Bank has already initiated the process of providing ATM-cards. Regional Manager G P Garg said that 5,000 cards will be issued in first phase. Banks are requesting applications for issuance of cards. He further said that initially the bank will not be setting up its own ATM centre. However, the customers will be able to withdraw cash from any other bank’s ATMs. Whereas, urban co-operative bank has also moved in direction of issuing ATM cards to most of the customers. Managing Director Shreepal Kashyap said that the customers will be issued ATM cards by the last week of July. Two ATM centre will also be installed.

Rupay Card
Rupay card is based on indigenous technique. The domestic card is designed by National Payments Corporation of India. It has been introduced with an objective to minimize the overall transaction cost of banks. Till now, the ATM cards were designed on foreign techniques of master and visa cards. - See more at: http://post.jagran.com/rupay-card-atm-card-of-gramin-1371213284#sthash.h0IhJ5ra.dpuf
Technological advancements are affecting lives like never before. Demand for ATM-cards which facilitates easy cash withdrawal is rising day by day. Now, public and private sector banks are planning to provide ATM cards to most of the bank account holders. However, the customers of Gramin and co-operative banks are still devoid of the ATM-card facility. These banks are also mulling to extend the ATM-card facility to its customers as well. There are plans to provide indigenous and highly secured ‘Rupay Card’ to its customers.

Baroda Uttar Pradesh Gramin Bank has already initiated the process of providing ATM-cards. Regional Manager G P Garg said that 5,000 cards will be issued in first phase. Banks are requesting applications for issuance of cards. He further said that initially the bank will not be setting up its own ATM centre. However, the customers will be able to withdraw cash from any other bank’s ATMs. Whereas, urban co-operative bank has also moved in direction of issuing ATM cards to most of the customers. Managing Director Shreepal Kashyap said that the customers will be issued ATM cards by the last week of July. Two ATM centre will also be installed.

Rupay Card
Rupay card is based on indigenous technique. The domestic card is designed by National Payments Corporation of India. It has been introduced with an objective to minimize the overall transaction cost of banks. Till now, the ATM cards were designed on foreign techniques of master and visa cards. - See more at: http://post.jagran.com/rupay-card-atm-card-of-gramin-1371213284#sthash.h0IhJ5ra.dpuf