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Just like Visa and Mastercard, RuPay is a card payment network. Unlike the former two, RuPay is home-grown. Many credit and debit cards work on RuPay. Now the RBI has allowed forex cards to be launched on the RuPay network.
This follow-on benchmarking exercise, covering the same countries and parameters used in the earlier study, was undertaken with respect to the position in 2020, the RBI said, , india, Digital Payment System, rbi
''India has made significant progress and moved to a leadership position in large value payment systems and fast payment systems, which contributed to rapid growth in digital payments,'' the report said.