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Domestic payment systems are gaining traction in the retail space over their global competitors like Mastercard, Visa and American Express. The share of the value of UPI (Unified Payments Interface) and RuPay transactions as against the value of debit and credit cards transactions at retail outlets has risen to 65.2 per cent at the end of August 2018.
While UPI is a payments interface which enables B2C, B2B and C2C transactions to make direct bank transfers, the RuPay card scheme was developed by the National Payments Corporation of India (NPCI) to compete with global giants.
On the second anniversary of
