Atlanta, GA (PRWEB) May 19, 2014
Acculynk announced today its attendance at the formal dedication of the RuPay card held in Rashtrapati Bhavan, New Delhi. Shri Pranab Mukherjee, the President of India, dedicated National Payments Corporation of India's RuPay card to the nation in the official ceremony held this month.
RuPay is India’s own payment card network developed by National Payments Corporation of India (NPCI). Acculynk’s PaySecure® is the e-commerce authentication solution enabling RuPay cards to transact securely online. PaySecure exceeded NPCI’s requirements for robust two-factor authentication combined with ease of use. PaySecure’s patented authentication engine enables the secure capture of the customer’s existing ATM PIN eliminating the need for new passwords.
“It is symbolic of the capability of the banking industry in India to build a card payment system and minimize the dependency on the international schemes,” said Shri A P Hota, Managing Director & CEO, of NPCI. “It was envisaged by the Reserve Bank of India with a strategic intent way back in 2005,” added Shri Hota.
RuPay, India's local card network is the seventh such payment gateway in the world. The RuPay card was launched in March of 2012 by NPCI to provide a local network alternative to Indian banks providing debit card services to their customers. With this development, Indian banks have greater opportunity to tap the tremendous growth opportunity created as Indian consumers migrate from cash to electronic payment systems facilitated by the RuPay card payment system. RuPay also empowers the banks to have a say in the governance of a card payment system which was not available earlier.
“It was quite an honor to be present at this historic event alongside our long standing partner,” said Collin Flotta, GM International, Acculynk. “Acculynk’s strong partnership with NPCI continues to grow as we work together to increase the value and versatility of the RuPay card among its fast growing base of cardholders.”
RuPay card is now accepted at all 160,000 ATMs, 95% of all POS terminals totaling more than 945,000, and at more than 10,000 e-commerce merchants in the country. The total number of banks issuing RuPay cards is now more than 250 and the card base as of April 30, is over 20 million, growing at a rate of about 3 million new cards per month.