|Definition||:||Rupee + Payment|
|Category||:||Business » Banking|
What does RuPay mean?
RuPay is the Indian domestic card payment network set up by National Payments Corporation of India (NPCI). The main objective of the RuPay payment network project is to reduce the overall transaction cost for the banks in India by introducing competition to international card schemes like MasterCard & Visa, and to develop products appropriate for financial inclusion. The name RuPay is coined from two words, Rupee (Indian Rupee) and Payment.