RuPay card usage at PoS terminals surges 7 times after demonetisation

The National Payments Corporation’s RuPay card usage at merchant terminals has surged seven times since announcement of demonetisation on 8 November 2016. The daily volumes of RuPay card usage has reached to over 2.1 million. The RBI-administered retail umbrella body (NPCI) for all retail payment is targeting a daily volume of 5 million transactions through RuPay cards by December 2017. Rupay is India’s own payment gateway that was launched to compete with payment networks such as Visa and Mastercard. The indigenous network works on ATMs, Point of Sales (PoS) and online sales to bring down cash transactions. The RuPay is a blend of two terms — ‘Rupee’ and ‘Payment’. It is the seventh such payment gateway in the world.