Atlanta, GA, June 24, 2013 — National Payments Corporation of India (NPCI), the umbrella organization of all retail payment systems in India, today announced the much-anticipated RuPay PaySecure e-commerce solution at an inaugural event in Mumbai.
RuPay PaySecure solution, which is devoted to serve the citizens of India with exceptional and user-friendly features, was launched by Shri H. R. Khan, Deputy Governor of Reserve Bank of India (RBI), in the presence of Indian banking stalwarts.
With the RuPay PaySecure solution, anyone having RuPay cards can make online payments to fulfill various need-based services such as reservations, booking, ticketing, shopping, utility bill payments in a secured manner.
Bank of Baroda, Union bank of India and Kotak Mahindra Bank are first to join as acquirers whereas Bank of Baroda, Union Bank of India and Bank of India have become issuers. State Bank of India and HDFC Bank will soon join the bandwagon.
Speaking at the launch, Shri A. P. Hota, Managing Director & CEO, NPCI, said, "Enabling the RuPay card for online transaction through the PaySecure solution will positively impact e- commerce growth in India and be positive for issuers, merchants and consumers. With this launch, NPCI is one step closer to fulfilling the vision of bringing millions of RuPay cardholders to e-commerce."
"The launch of PaySecure with RuPay in India, Acculynk is well on its way to becoming the first global debit authentication network, bringing together debit cardholding consumers from across the globe to merchants," said Ashish Bahl, CEO, Acculynk. "Our ability to bring millions and frankly billions of new consumers from debit centric markets to U.S. merchants with a single PaySecure implementation is a game changer for e-commerce." NPCI's RuPay PaySecure solution has integrated with 100-plus merchant websites across multiple categories that would accept RuPay card for online payment services. NPCI is aiming to cover 100% of e-commerce market by this year-end, for which, significant efforts are being made consistently.
RuPay PaySecure conforms to the RBI mandate of two factor authentication- firstly, it uses two security parameters to authenticate a customer and authorize transaction through the participating banks, and secondly, the solution uses 'image selection' for ensuring additional security of every single transaction. This innovative authentication methodology simplifies and improves the existing e-commerce experience of the cardholder as they don't need to remember complicated passwords or suffer through transaction drops or time-outs, thus making the service more user-friendly and quicker.
NPCI has partnered with US-based online security specialized firm Acculynk to integrate to Acculynk's patented technology that will address the critical internet based frauds targeted at banks and their customers such as - cyber-attack mechanisms like phishing, key-logging, and spyware/malware. NPCI will address these issues with effective visual security checks such as bank card themed PIN pad, mouse click data entry, customer's personalized parameters and more.
Enablement of RuPay debit card, India's domestic card, for e-commerce is a big step towards online payment revolution. RuPay cards issuance has grown to over 3 million in just one year ever since it has been launched in March 2012, and the numbers are adding up. RuPay debit cards are being issued by 20 commercial banks, 32 Regional Rural Banks and over 75 co¬operative banks.
At the end of April 2013, more than 336 million bank customers were issued debit cards growing at compound annual rate of 18 percent with the number of credit cards in the market under 20 million, growing at between six and seven percent. The Internet and Mobile Association of India estimates India has 52 million active Internet users and 40 percent of them have shopped online. The introduction of RuPay as an online payment method is expected to contribute to a substantial increase the number of active online shoppers.
National Payments Corporation of India (NPCI) is the umbrella organization of all retail payment systems in India and is set up by the banks in India with the support and guidance from Indian Banks' Association. The organization has been mandated to build and operate central infrastructure for payment systems like ATM Switching, Mobile Payments, Cheque Truncation
System, POS Switching, 24 * 7 remittance system and Financial Inclusion transactions. The organization has also a mandate to build a domestic card payment scheme.