Over the last few years, India is emerging as a force to reckon with in almost every sector. RuPay, which is one of the base points of the Indian financial space, is now taking it to new heights in the international arena.
Entry of RuPay in France
Recently, the Indian Union Communications and Electronics & Information Technology Minister Ashwini Vaishnaw and NPCI International Payments Limited (NIPL) announced that UPI and RuPay cards will soon be accepted in France.
The announcement was made during the signing of a Memorandum of Understanding (MoU) with French payment services company Lyra Network. The payments division revealed on Twitter that, NPCI International has partnered with Lyra Network to launch UPI and RuPay cards in France.
How did RuPay establish itself?
The successful journey of RuPay has been incredibly good for India and its economy. RuPay has established its position in India as a leading network payment processor. This 2012 venture with its ten years old history is becoming the payment gateway for India by surpassing all the benchmarks for its growth.
In the pre-Modi era, international digital transaction players like Visa and MasterCard were involved in monopolistic practices, as they were the sole players. They used to charge customers an outrageous processing fee, and made card payments an elite practice. The Modi government launched the country’s own digital payments system, and built infrastructure to encourage digital payments; today it is the world’s most successful payments infrastructure in the world.
Earlier, RuPay was portrayed as a tool for the government’s financial inclusion program. But it is now becoming a real commercial player in the Indian market. It is backed by the statistics that in 2017, the company had only a 15 percent market share whereas today RuPay has grown to capture more than 60 percent of the market in payment cards in the country.
The rising popularity of RuPay cards in India prompted other nations as well. In 2019, RuPay informed that it is now used by citizens of 195 countries. A few months later, PM Modi launched RuPay in Saudi Arabia as well. Currently, it is accepted in 42.4 million POS locations and 1.90 million ATMs in more than 200 countries.
Earlier, giants like MasterCard Visa and American Express were leading the card payments network which further deteriorated the opportunity for RuPay to establish its own identity in the already competitive market. But soon after the arrival of Prime Minister Narendra Modi, the Indian financial system got a drastic flip resulting in an astounding achievement for the Indian economy.
Since it was tough to change the existing popularity of companies, RuPay made its first headwinds in the less high-profile section of India. It contributed significantly to PM Modi’s Jan Dhan Yojana which provided millions of cards to the Jan Dhan account holders on the back of its cost-effective services, which were much lower compared to multinational card companies. Under PMJDY, a total of 258 million RuPay debit cards were thus issued in 2020 alone by India’s public sector banks.
With the passage of time, RuPay increased its market share making it a competing entity with the top global card payment networks in the world. The payment gateway has transformed its image into a leading card payments network system, instead of just appearing as a tool of the government’s financial inclusion agenda. The arrival of RuPay has contributed hugely to the success of the Indian economy.
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