MALDIVES TO INTRODUCE INDIA'S RUPAY SERVICE, BOLSTERING MALDIVIAN CURRENCY

Why in the news?

Despite recent bilateral tensions, Maldives plans to introduce India’s RuPay service, aiming to strengthen the Maldivian Rufiyaa.
Minister of Economic Development and Trade, Mohamed Saeed, highlighted the significance of RuPay in addressing currency challenges and supporting the Maldivian economy.

source:travelljammi

Key points:RuPay(“Rupee Payment”)

Origin: Launched by NPCI in 2014 as an alternative to Mastercard and Visa.
Objective: Supports RBI’s vision of a less cash economy.
Scope: Facilitates electronic payments across Indian banks and financial institutions.
Mandatory: Companies with ₹50 crore turnover must offer RuPay payment options.

RuPay Products:

Debit Cards: Main offering for electronic transactions.
Credit Cards: Available for credit-based transactions.
Prepaid Cards: Offers prepaid payment solutions.
Government Scheme Cards: Includes PMJDY, Mudra, PunGrain, and Kisan credit cards.
Combo Cards: Provides combined features like debit/credit or debit/prepaid on a single card.

About National Payments Corporation of India(NPCI):

Purpose: Operates retail payments and settlement systems in India.
Initiative: Joint venture of RBI and IBA under Payment and Settlement Systems Act, 2007.
Legal Status: Not-for-profit company under Companies Act.
Promoters: Ten major banks including SBI, PNB, Citibank.
Regulation: Board includes RBI and promoter bank nominees.
Payment Systems: Includes NFS, IMPS, AEPS, NACH.

NPCI Services:

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