BANKING AFFAIRS

Detailed explanation-1: -Therefore, we can say that RuPay Card is an Indian payment gateway. It also works like Visa or Master Card and its commission is low.

Detailed explanation-2: -However, it works similar to Visa and Mastercard but it is faster than both the networks as it is only accepted domestically. Did You Know? RuPay has collaborated with over 1, 100 banks across the country to issue debit and credit cards. These banks include SBI, PNB, HDFC, Federal Bank, Yes Bank, SBM Bank and more.

Detailed explanation-3: -The card was tentatively referred as India Pay. After years of planning, NPCI was entrusted with the implementation and finalised the name of the proposed card as RuPay, a portmanteau of the words rupee and payment to avoid naming conflicts with other financial institutions using the same name.

Detailed explanation-4: -While Visa or MasterCard are international system cards, RuPay Card is an Indian domestic card. RuPay cards have a much-reduced processing fee because domestic processing is used for local transactions. Visa or MasterCard are significantly more expensive than RuPay cards since processing for them takes place abroad.

Detailed explanation-5: -The correct answer is Indian version of the payment card. Key Points. RuPay is Indian multinational financial services and payment service conceived and launched by the National Payments Corporation of India on 26 March 2012.