RBI Approves Prospective Integration of China UnionPay within India’s RuPay

Overseas users of China UnionPay cards are poised to receive a huge boost in destinations accepting the card. According to a report from Reuters, the National Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term Corp of India (NPCI), the group has received approval from the Reserve Bank of India for its planned cooperation with China UnionPay.

Created as a central body to develop and monitor India’s payment network between banks and their customers, the NPCI launched RuPay in 2012, a domestic electronic payment network that is accepted at all Indian financial institutions and competes with Visa and MasterCard in the country. The timing of the RBI’s approval coincides with a two-day payment event hosted by the NPCI which begins today. The conference features leaders of payment companies from 17 countries including representatives from China

Upon completion of a partnership with China UnionPay, its cards will be supported at all merchants and ATMs that use the RuPay network. While a time table hasn’t been set for integrating China UnionPay cards within the RuPay network, upon completion of a partnership, it will ease the ability of Chinese cardholders to process transaction and withdraw local currency from ATMs in India.