NPCI launches RuPay the cheapest Debit Card

Business News: National Payment Corporation of India (NPCI) has launched the cheapest debit card - RuPay on Monday. The debit card will have direct competition with the major players like Visa and MasterCard in the financial market.

The debit card RuPay will be a good option for the banks as well, which can give them big relief from being paying high participation fees to other cards. The customers of five public sector banks - State Bank of India, Axis Bank, Bank of India, Bank of Baroda and Union Bank will have this facility.

However, the RuPay has not been entered into the arena of credit cards, it is believed that by next fiscal the RuPay will launch its credit card making payment options more easier in India. In India there are around 2 lakh RuPay ATM and micro-ATM cards available in India.