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LATEST NEWS UPDATES | BHIM UPI, RuPay swipe Mastercard, Visa -Shishir Sinha

BHIM UPI, RuPay swipe Mastercard, Visa -Shishir Sinha

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published Published on Nov 11, 2018   modified Modified on Nov 11, 2018
-The Hindu Business Line

Home-grown payment systems corner over 60% of digital transactions

New Delhi:
India’s own Bharat Interface for Money (BHIM) and RuPay cards have garnered over 60 per cent market share of the digital transactions business, pushing back global giants such as Mastercard and Visa.

BHIM is a UPI-based payment interface that allows real-time fund transfer using a single identity, typically a mobile number or a name. Unified Payments Interface (UPI) is an instant payment system developed by the National Payments Corporation of India (NPCI), an RBI-regulated entity. UPI is built over the IMPS (Immediate Payment Service) infrastructure and allows for instant transfer of money between any two parties’ bank accounts. RuPay is a card payment mechanism just like Mastercard or Visa. Both these payment systems have been developed indigenously.

According to NPCI, during the first seven months (April-October) of this fiscal, over 600 crore transactions took place through debit, credit and prepaid cards along with BHIM UPI. Of this, BHIM UPI accounted for about 300 crore, and RuPay cards for over 76 crore. Similarly, in terms of value, out of over Rs.18-lakh crore, BHIM UPI and RuPay accounted for over ?11.7-lakh crore and Rs.72,950 crore, respectively.

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The Hindu Business Line, 9 November, 2018, https://www.thehindubusinessline.com/money-and-banking/bhim-upi-rupay-swipe-mastercard-visa/article25457063.ece?homepage=true


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