India Approved $320m to Promote Homegrown Payments Network
By: Marco Carola
New Delhi approved $318.4m
for the promotion of RuPay debit cards and low-value person-to-merchant transactions on UPI.
RuPay is India’s homegrown card network, promoted by the National Payments Corporation of India and also oversees UPI payments.
RuPay is the only payments network whose credit cards today support linking to UPI.
UPI, a six-year-old payments network built by a coalition of banks, has become the most popular way Indians transact online today.
The Narendra Modi-led government’s move is to assuage the concerns of banks who have questioned the financial viability of the UPI network.
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