News Excerpt:
Maldives to launch India’s RuPay service.
More about the news: Notwithstanding the turbulence in their bilateral ties, the Maldives will soon launch India's RuPay service.
About RuPay:
- RuPay is the first-of-its-kind domestic Card payment network of India, with wide acceptance at ATMs, POS devices and e-commerce websites across India.
- It is a highly secure network that protects against anti-phishing.
- The name, derived from the words ‘Rupee and ‘Payment’, emphasizes that it is India’s very own initiative for Card payments.
- RuPay is a product of the National Payments Corporation of India (NPCI), the umbrella organization that powers retail payments in the country. The provision under the Payment and Settlement Systems Act, 2007, empowered the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) to create a secure electronic payment and settlement system in India.
