India Pay - Domestic Card Payment Processing in India

In an article titled "Card processing work to shift to India", India's Business Standard reports on India Pay, a new payment system planned to start next year.

Sources said over the next four to five years, processing of credit card transactions, which is so far done abroad will shift to India. Sources at the Indian Banks’ Association ... said that India Pay will handle all domestic transactions while it will work with payment networks like Visa and MasterCard for international transactions undertaken by Indian cardholders or foreigners on visit to the country."

The article also mentions National Payment Corporation of India, a new company established by nine banks to focus on "electronics payments, ATM transactions and processing of card payments."

[Editor's note: We'd love to learn more about these payment card processing initiatives in India. If you can share details, please contact me directly.]