NPCI announces start of RuPay PaySecure, plans further e-commerce rollout

The National Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term Corporation (NPCI) has announced the launch its e-commerce solution named 'RuPay PaySecure' which will allow RuPay clients to have access to online payments. NPCI is a leader of retail payments in India and is constantly pushing the limits of innovation.

"With RuPay PaySecure solution, anyone having RuPay cards can make online payments to fulfil various need-based services such as reservations, booking, ticketing, shopping, utility bill payments in a secured manner," Managing Director and Chief Executive Officer of NPCI, A P Hota said. He continued that the effects on e-commerce growth in India would be very beneficial and will help continue the already rapid annual growth of around 34 per cent.

RuPay, though traditionally only a POS and ATM processor, has shifted its focus to the launch of Ru cards and plans to expand to the full product lines of other e-commerce processors According to the company, Bank of Baroda, Union Bank and Kotak Bank are the first adopters of the PaySecure platform, in addition BoB, UBI and Bank of India have signed on as issuers. It has been also reported that the State Bank of India and HDFC Bank would join on as well, but no date was given as to when.