RuPay: Mastercard, Visa rival is here

National Payments Corporation of India-a Reserve Bank of India initiative-is set to replay the ATM revolution in the cards business with the launch of RuPay debit cards, which undercut Visa and Mastercard on processing fees on transactions. Coinciding with the launch, the central bank has also directed banks to cut charges levied on shopkeepers for facilitating debit card payments.

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