MUMBAI | RuPay, India's own payment scheme is now live on DirecPay's payment gateway. Direcpay is part of TimesofMoney, India's premier digital payments service provider. For indian ecommerce merchants, this opens up the possibility to accept RuPay Debit card payments for purchases conducted on their websites.
The RuPay e-commerce solution launched on June 21, 2013 enables all RuPay debit cardholders to transact online. To date over 10,000 online merchants are live on RuPay PaySecure. RuPay PaySecure has seen a 314% growth in transaction volume and 126% growth in transaction count since the last two quarters. It aims to ensure that 100 per cent of the e-commerce market is enabled for RuPay acceptance. With this association, RuPay will be offered to all merchants of DirecPay, along with the latter's payment offering of more than 150 payment options.
More than 20 million Rupay Debit cards issued
On the 8th of May this year, Mr.Pranab Mukherjee, President of India, dedicated the RuPay service to the entire nation. He pointed out that India is now ranked among the "few countries in the world to have such a network built domestically to meet the card-based payment system needs of the country." RuPay, a payment card scheme launched by National Payments Corporation of India (NPCI) has already crossed the issuance of twenty million cards since its launch on 26th March 2012. RuPay debit cards issued by 238 banks in the country are accepted at all ATMs and 90% POS terminals in the country.
'Powering the growth of ecommerce in India'
Speaking on this association, Avijit Nanda, CEO TimesofMoney which owns the DirecPay brand, said, "DirecPay is proud to be part of the payment revolution in India. Partnering with NPCI and enabling RuPay payments is a step towards powering the exciting growth of ecommerce in India. With 200 million Internet users and ecommerce revenues growing beyond $2 billion last year, we are keen to fuel this growth further with RuPay and make India a digitally-led economy."
RuPay is emerging as an alternative method in India
Today, India is witness to about 50% of online transactions coming from Tier II and Tier III cities, contrary to popular belief that the metros would drive the e-commerce revolution. Any customer across India holding a RuPay debit card can now make online payments on the DirecPay payment gateway with ease. The major use of this is expected to be seen in smaller cities where RuPay is emerging as an alternative to the existing banking-driven debit and credit cards. This tie-up aims at increasing the volume of transactions on merchant websites with a new secure and convenient payment option.
National Payments Corporation of India (NPCI) is the umbrella organization of all retail payment systems in India backed by the Reserve Bank of India and is set up by the banks in India with the support and guidance from Indian Banks' Association. The organisation aims to consolidate and integrate the multiple systems with varying service levels into nation-wide uniform and standard business process for all retail payment systems and also facilitate an affordable payment mechanism to benefit the common man across the country and help financial inclusion.
TimesofMoney is India's leading digital payment service provider catering to a diverse base of Indian & International clients, individuals and companies across the globe. It provides a wide spectrum of offerings including retail online remittances (Remit2India & Remit2Home), specialized NRI Services (Window2India), managed white-label remittance platforms & online payment gateway solutions (DirecPay). The services offered center around facilitating money transfers for various diaspora across the globe and enabling businesses with the convenience of an internet or mobile platform.
Sourced from NPCI, May 15th, 2014