National Payments Corporation of India (NPCI) has decided to change the proposed name of India’s first indigenous payment gateway to RuPay from IndiaPay.
The name has to be changed to RuPay as it was found out that two other companies in the payment space have already applied for similar name and NPCI didn’t want any legal complication over the name.
The purpose of creating RuPay is to take on international players like Visa and Mastercard. In India, only 4% of the personal consumption expenditure happens in cards while in advanced economies, it is around 40%.
IndiaPay is an idea floated by the Indian Banks’ Association (IBA) . IBA had set up a committee, at the instance of the RBI, to consider developing a domestic card payment network in the country to bring competition in the cards payment market.