Prime Minister Narendra Modi officially launched the RuPay card during his visit to Maldives, where he also met with the island nation's President Mohamed Muizzu. This comes after a period of strained relations between the two countries last year.
The RuPay card, developed by the National Payments Corp. of India, is India's first domestic card payment network, with widespread acceptance across ATMs, point-of-sale terminals, and e-commerce platforms, not only in India but also in several countries worldwide.
The NPCI, established in 2008 as a joint initiative by the Reserve Bank of India and the Indian Banks' Association, operates as an umbrella organisation for India's retail payments and settlement systems. RuPay fulfils RBI's vision of initiating a ‘less cash' economy. It manages various payment systems, including the National Financial Switch (ATM network), Unified Payments Interface, Bharat Bill Pay, BHIM, FASTag, and the Immediate Payment Service, among others.
Earlier on Jan. 1, Prime Minister Modi showcased the RuPay card during his visit to Singapore, when he used it for a transaction at the Indian Heritage Centre.
Additionally, on March 12, President Droupadi Murmu presented a RuPay card to Mauritian Prime Minister Pravind Kumar Jugnauth during her visit to the country.
RuPay's International Expansion
RuPay's international footprint has expanded in recent years. The card is accepted in numerous countries, including:
Bhutan.
Singapore.
The UAE.
Sri Lanka.
Nepal.
Mauritius.
Maldives.
The NPCI International signed a Memorandum of Understanding with Lyra Network, a French payment company, that allows Indian tourists and students to use RuPay cards at supported terminals and machines in France.
While, on Feb. 2, UPI services were launched at the Eiffel Tower in the French capital of Paris at an event to celebrate India's Republic Day.
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