Question

What is RuPay?

• A. A global payment network
• B. India's domestic card payment network
• C. A type of cryptocurrency
• D. A system for international money transfers

Answer 1

Answer:

B. India's domestic card payment network

RuPay is India's indigenous and multinational card payment network.

• Owner: It is owned and operated by the National Payments Corporation of India (NPCI), an organization promoted by the Reserve Bank of India (RBI).

• Purpose: Launched in 2012, its goal was to create a domestic, cost-effective, and secure payment alternative to international networks like Visa and Mastercard.

• Usage: RuPay cards (debit, credit, and prepaid) are widely accepted across India at ATMs, Point-of-Sale (POS) terminals, and e-commerce websites.

• Benefit: By processing transactions domestically, it reduces transaction costs for banks and ensures data related to Indian customers remains within the country.