The National Payments Corporation of India (NPCI) has launched its much awaited payment network, RuPay, which will compete with international payment product facilitators, MasterCard & Visa, reports The Hindu Businessline. public sector banks, State Bank of India, Bank of Baroda, Bank of India, & Union Bank of India, launched debit cards based on the platform. Bank of India inclusion in this list is probably elderly, though it had launched Aadhar enabled debit bards on the RuPay payment network, in July 2011. Other banks that have signed MoUs with NPCI for launching the RuPay platform include Punjab National Bank, Canara Bank, ICICI Bank, HDFC Bank, Citibank & HSBC.
Around 200,000 cards have been issued by RuPay & its targeting ten million debit cards in the network by March 2013, according to a document by Livemint, that quotes NPCI MD & CEO, AP Hota. A tie-up with Discover, US based card issuer & payments company, also allows RuPay cardholders to utilize the Discover, Diners Club International & PULSE networks for international purchases & money access outside of India. However, users won't be able to make use of RuPay based Debit Cards online until September.