When in November 2018, Mastercard reportedly raised a false alarm claiming that India’s RuPay card was getting an undue advantage because of PM Modi’s ‘nationalistic’ policy, The True Picture busted that claim logically. In the process, it was explained how India’s RuPay card is posing a challenge to mighty Global Payment Networks like Visa, Mastercard, and American Express as it has increased its market share in India from a tiny 0.6% in 2013 to a significant 50% in 2018. To know about how this development helps to preserve foreign exchange and how it serves the strategic interests in the long run, read our article India’s Own RuPay Card Disrupts the Global Payment Network – Breaking the Hegemony.
Any card company charges a fee on every transaction. Until the emergence of RuPay, the advantage was solely on the side of Global Payment Networks. Now, RuPay not only turned the business to India’s advantage, preventing loss of foreign exchange, but also the financial data remains with the Indian payments network.
The biggest strength of the RuPay card, thanks to Jan Dhan accounts, is that it has reached the hinterland like no other can. Now with the push for international acceptance, it is promising to reach a place where it is difficult for others to match.
The recent developments concerning India’s Rupay card has given us an opportunity to further record the progress. The developments unveiled so far:
- PM Modi in his recent visit to Bhutan has introduced RuPay card there
- In a major step to internationalise country’s digital payments platforms, PM Modi launched RuPay card in Singapore back in May 2018
- He had also pitched for RuPay card in Maldives in his visit in June 2019 saying that the issuing of RuPay in that country will increase Indian tourists
- It is reported that India’s RuPay card will be launched in the UAE and Bahrain in his upcoming visits to these countries from August 23-25
- In July 2019, National Payments Corporations of India tied up with Japan-based JCB International to launch RuPay JCB Global Cards
In Singapore, the RuPay system was linked up with Singapore’s three-decade-old Network for Electronic Transfers (NETS). This enables RuPay users to make payments at all NETS acceptance points across Singapore. People with Singapore NETS will be able to make online purchases on the National Payments Corporation of India (NPCI) e-commerce merchant website.
In Bhutan, RuPay card will be introduced in two phases. In the first phase, India’s banks will issue RuPay cards that can be used by Indian travellers in Bhutan. In the second phase, banks of Bhutan will be empowered to issue RuPay cards to Bhutanese citizens to use in India.
Thus, India is positioning itself at the forefront to take a leading role in digital banking on a global scale.
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