Rupay

I had written in my article Indirect lesson from Wiki Leaks  about the risks involved on our over dependence on VISA and Master Card , to process our card transactions .

If you like to know more about, how VISA and Master Card work , please read this

National Payments Corporation of India , has finally woken up to this risk and has come out with a India specific card transaction gateway and has named it "RUPAY"

This is a good move, once formally launched , hope all our Nationalised and Private banks would enthusiastically adopt this , especially for the Debit Cards and Non international Credit Cards

This must see significant revenue saving for the banks , if NPCI , prices this service very conservatively .

Only risk involved is, will NPCI be able to stand up to the arm twisting that most of these MNCs resort to , using their government , when they find their dominance challenged in a foreign market .

So in this customer driven market . If we as customer demand that the Banks Issues us cards based on "RUPAY" , we may then give "RUPAY" a fighting chance to survive and thrive .

So watch out for the formal lauch of "RUPAY" .

Image: worradmu / FreeDigitalPhotos.net