Increasing the Payment Options

Taking on Visa and Mastercard with Rupay will be a tall order for India. If India's diaspora starts using Rupay then perhaps there is a chance.

India should try and replicate China's success in taking its payment network China Union Pay (CUP) global by developing Rupay as an alternative to other international payment systems in the medium term, said K V Kamath, MD and CEO, New Development Bank (Brics Bank), reports Times of India. According to Kamath, Brics nations can replicate success stories in other member countries through knowledge sharing at banking or government level.

"There is a lot of scope for two-way transfer of knowledge and that would be the key going forward. The knowledge exchange could happen at banking or government level. But I would think there should be a nodal point within the government, which has the ability to take a decision and invest, otherwise there could be transmission losses,"said Kamath. Besides CUP, India could learn from China's success in financing and implementing projects and in turn share its success in financial inclusion under the Prime Minister's Jan-Dhan Yojana.

Kamath said India can aim to replicate the success of CUP which has recently overtaken Visa in acceptance level worldwide. "Today, if you go to developed world, you will see ATMs that will transact on China Union Pay. I feel proud when I see that. A (Brics) member country has shown its ability to interconnect with hard currency markets," said Kamath.

SJP @DigitalAsian - ShareYaar

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