The name has to be changed to RuPay as it was found out that two other companies in the payment space have already applied for similar name and NPCI didnt want any legal complication over the name. .
The NPCI, the owner of the product, however is yet to finalise RuPays logo. The company has appointed a consultant which has sketched three designs for it. The Reserve Bank of India is expected to give nod for its final logo in a month or two.
AP Hota, chief executive officer of NPCI confirmed the change in name of India Pay to RuPay. However, he declined to divulge any further details Rupays shareholders consist of 10 banks including six public sector banks, two private sector and two foreign sector banks. It is promoted by the RBI.
The purpose of creating RuPay is to take on international players like Visa and Mastercard. In India, only 4% of the personal consumption expenditure happens in cards while in advanced economies, it is around 40%.
IndiaPay is an idea floated by the Indian Banks Association (IBA) . IBA had set up a committee, at the instance of the RBI, to consider developing a domestic card payment network in the country to bring competition in the cards payment market.