This is the first phase of launching the rupay card in india in which rupay card is launching in paghda village in Maharashtra in Thane district. This village is chosen because of UID(Unique identification) is launched there and rupay card will work with UID as well as ATM pin of the card.
Rupay card will have two features one for shopping and using micro ATM which will require UID and second is ATM pin which will work for the transactions at ATM.
This is the real time processing in which the companies like visa and mastercard takes money from one account and give to other.
Visa and MasterCard companies complete the transactions as same as clearing process that is to take cash from one bank and give to other. But many of us don’t know that Visa and MasterCard are international companies which takes higher charges to the domestic banks as well as India doesn’t have an own global real time payment processing firms just like visa and MasterCard
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