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What is RuPay?
1. Indian version of payment card
2. Online portal for payments
3. Electronic money
4. Indian bitcoin

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Correct Answer - Option 1 : Indian version of payment card

The correct answer is Indian version of the payment card.

  • RuPay is Indian multinational financial services and payment service conceived and launched by the National Payments Corporation of India on 26 March 2012.
  • It was created to fulfill the Reserve Bank of India's vision of establishing a domestic, open, and multilateral system of payments. 
  • On 20 March 2012, the National Payments Corporation of India (NPCI) launched the RuPay Card.
    • The government launched it to promote the causes of financial inclusion in the country. RuPay is India's own domestic network, which has been developed like international payment networks such as Visa, MasterCard, Discover, Dinner Club, and American Express.

  • Plastic money
    • When we use any type of ATM card for the transaction at the place of hard cash, this card is known as plastic money and the transaction resulting from it is called cashless payment. It can be done via any ATM, Visa Card, MasterCard, or RuPay Card.
  • Visa and MasterCard
    • Visa Card and MasterCard are foreign payment gateway that provides payment facilities to most of the banks in the world. There is no special difference between MasterCard and Visa Card.

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