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Updated: NPCI’s RuPay Enables E-Commerce Payments; RuPay Roadmap

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(By Apurva Chaudhary & Vikas SN)

Update: NPCI has officially launched (pdf) an e-commerce solution called ‘RuPay PaySecure’. The organization says that users can make online reservations, booking, ticketing, shopping, and utility bill payments through this solution. NPCI has partnered with an US-based online payment service provider Acculynk for this initiative and the organization said that Acculynk will responsible for providing authentication for all online RuPay debit card transactions.

It also noted that Bank of Baroda and Union Bank Of India have joined the initiative as an acquirer and an issuer while Kotak Mahindra Bank has joined as an acquirer and Bank Of India has joined as an issuer. State Bank of India and HDFC Bank are also expected to join the initiative shortly.

NPCI claims to have tie-ups with more than 100 merchant websites across multiple categories and the organization hopes to cover all the e-commerce websites by the end of this year.

Earlier (June 19)National Payments Corporation of India‘s (NPCI) payment network RuPay has now started accepting e-commerce payments, reports NextBigWhat. The network was previously limited to ATMs, prepaid cards and point of sale (PoS) terminals.

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Its currently not clear as to when NPCI enabled this service, since there is no mention of this on the website, however several websites like Coke2home, JustRechargeIt and FutureBazaar have started accepting RuPay payments as a payment option, as indicated by the report. Payment gateway company CCAvenue* also told the publication that it is one among the NPCI authorized companies to process RuPay debit cards.

Last month, NPCI Managing Director and CEO A P Hota had told PTI (via The Economic Times) that RuPay network will be e-commerce ready by May 25, following which RuPay will be available on the entire e-payments space. Hota had claimed that it has issued 3 million RuPay debit cards as of March end, up from 200,000 in March 2012 and hopes to cross the the 10 million mark by the end of current fiscal (FY 2014). He also claimed that these cards are now accepted at 1.12 lakh ATMs and around 1.8 lakh merchant terminals in the country.

Launched in March 2012, RuPay competes with international payment product facilitators like MasterCard and Visa. At launch, Four public sector banks, State Bank of India, Bank of Baroda, Bank of India, and Union Bank of India, had launched debit cards based on the platform and six banks had signed MoUs to launch cards on the the RuPay platform.

This seems to have increased to nine banks now including public sector banks like Canara Bank, Punjab National Bank, Oriental Bank of Commerce, Punjab & Sind Bank and private bank like Federal Bank, as indicated by the ET report.

RuPay charges about 0.01% transaction fee and claims that it will allow Indian banks to save on foreign currency as the fees to international payment companies will be paid in rupees instead of dollars, as indicated by Livemint report. NPCI has also partnered (pdf) with Discover Financial Services in March 2012, to expand its services globally. Earlier this month, Punjab government initiated a special project to make online payment to the Artiyas through ‘RuPay Debit Card’ within 48 hours of the procurement.

RuPay Roadmap: As per NPCI’s website, it plans to roll out RuPay in five different phases – ATM, Debit Cards, Prepaid cards & PoS terminals, e-commerce and virtual cards, EMV and contact less cards and Credit cards. Of this, the organization has now completed e-commerce rollout with virtual cards, contact less cards and credit cards pending.

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RuPay Roadmap

While, the website hasn’t disclosed any specific timeline on this roadmap, remember that RBI has mandated all banks to convert the existing magstripe cards to EMV cards all customers who have used their cards internationally at least once, by June 30, 2013.

*Disclosure: CCAvenue is an advertiser with Medianama

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