Regulation

Credit/Debit Cards
Lack of international use Convert magstrip to EMV chip and PIN International threshold limit

Effects
Prevents fraud Online merchants unable to facilitate required PIN

RuPay
Indian domestic card payment network Founded in 2009 Set up by National Payments Corporation of India (NCPI) Endorsed by Indian Banks Association

Objectives
Compete with international cards Reduce transaction costs Financial inclusion Payment information to remain in India Payment card option to banks ineligible for VISA Switch cash transactions to electronic payments

Roadmap
Acceptance at ATMs Debit and Prepaid card E-commerce EMV and contactless Credit card

Current Progress
Issued over 3 million debit cards Projected to reach over 10 million by FY2014 Sept 2012, RBI estimates 91,000 ATMs under RuPay 6.5 Lakh PoS terminals Acceptable at all ATMs in India 20 Commercial, 32 Regional Rural, 75 Co-Op Banks offer RuPay Card

RuPay PaySecure
E-commerce solution Brings RuPay cardholders to internet Partnership with Discover Financial Services Follows RBI 2 factor authentication mandate
Image Selection 2 security parameters to authenticate customer

Future Goals/Impact
Plans to introduce credit cards by end of 2014

Prepaid Cards
99% of transactions made in cash (Johnson, Cornell) 55% of pop. have deposit account Need for prepaid payment channel