An Indian payment processing platform named Indiapay is emerging to compete with global giants VISA and MasterCard.This system will be fully functional in two years and is being developed by National Payment Corporation Of India and has support from Reserve Bank Of India.
Leading banks like State Bank Of India,ICICI Bank,Punjab National Bank,HDFC Bank,Citi Bank ,HSBC are major promoters of Indiapay. Launch of Indiapay will launch fresh battle for supremacy in growing Indian credit market with clear advantage at this point for banks going with Indiapay because of low transaction rates.
Number of people using cards for transaction is increasing day by day and the number of plastic cards now amount to 4 crore with majority of them using VISA and MasterCard as platform. Each time we use these cards for transactions, bank has to pay processing fee to VISA/MasterCard and this amounts to crores. As such Indian banking system is expected to embrace Indiapay platform whole heatedly.
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