The National Payments Corporation has finalised the proposed unique India Card or Rupay Card,which once commercially launched would be an domestic alternative to the global real-time payment processing firms like Visa and MasterCard. The RBI-set up a National Payments Corporation of India (NPCI), to create national card of India for all realtime payments.
The leading financial consultancy firm Ernst & Young(E&Y) will develop and roll out the entire architecture, including the design and software for the Rupay card rollout.The RBI had asked the Indian Banks Association to launch a not-for-profit company and design a rival card, then tentatively called India Card, that meets the requirements of the domestic banks.