National Payments Corporation of India (NPCI) yesterday announced that Rupay Card - which works on the basis of VISA and MasterCard will be launched by the end of this fiscal. NPCI's chief Abhaya Prasad informed the press reporters yesterday. NPCI has been set up by the reserve bank and has been given the responsibility to develop the Rupay card. The Rupay card will be available for the banks to roll out full service debit cards for Indians. China has already developed a similar card and it's called Union pay of China.

The Rupay Card, once commercially launched as a full service debit card, would eventually replace global real-time payment processing leaders--Visa and MasterCard --from the domestic payment system, the NPCI head said.

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