RuPay Debit Card’s first online transaction goes through CCAvenue’s merchant, Future Bazaar
On 21st June, CCAvenue added yet another 'first' to its long list of 'firsts' in the history of ecommerce in India. India’s first online transaction using the Rupay Debit Card went through the CCAvenue Payment Gateway system for its merchant Future Bazaar. At a function in a south Mumbai hotel, presided over by the Deputy Governor of the Reserve Bank of India, Shri H. R. Khan, the Managing Director of the NPCI Shri A P Hota, kicked off the launch of the Rupay ecommerce facility by doing a live transaction on the Future Bazaar website which is powered by the CCAvenue Payment Gateway. The transaction went through in seconds and prompted a spontaneous applause of appreciation from the audience as well as the luminaries on the dais which had among them Shri S. S. Mundra – Chairman, Union Bank of India, Smt. Vijayalakshmi Iyer – MD, Bank of India, Shri M. V. Tanksale – MD, Central Bank of India, Shri Uday Kotak, Chairman, Kotak Bank and Shri M. Balachandran (Chairman of Management Committee) NPCI.
You may recall the CCAvenue has had a long history of being the first company to achieve notable milestones in the progress of ecommerce in India. Here are a few:
- First Payment Gateway to offer net banking facility to its merchants (2001)
- First Payment Gateway to offer merchants business enhancement tools like free shopping cart, collect invoice facility by mail, order alerts by SMS, Virtual Terminal and many more (2001)
- First Payment Gateway to go live with (VBV & MSC) Verified By Visa and MasterCard Securecode (2004)
- First Payment Gateway to become PCI – DSS Compliant (Payment Card Industry Data Security Standards) (2007)
- First Payment Gateway to become a MasterCard Member Service Provider MSP (2007)
- First and only Indian Payment Gateway to be Certified by American Express for global currency Processing (2008)
- First Payment Gateway to launch vertical specific SAAS solutions with an integrated Payment Gateway for the Hospitality Sector (ResAvenue-2004), for the MICE sector (EventAvenue-2007) and for travel agents
- First Payment Gateway to offer Live Monitoring Pro facility to give real time payment option status to its merchants (2012)
- First Payment Gateway to offer Social Network In-stream Payments (SNIP) facility for its merchants (2013)
- First Payment Gateway to offer Rupay Debit Card Processing for its merchants (2013)
The launch of Rupay is significant from a merchant’s point of view. Presently, more than 2.5 million Rupay Debit Cards have been issued in the Indian Market, but this number is expected to expand rapidly to reach 150 million by the end of this year. The unique combination of the picture challenge and the ATM PIN method of authenticating the transaction would make the transaction process simple, yet secure and would revolutionize the way transactions are done in India. CCAvenue’s participation in the project ensures that the Rupay Card will get accepted at over 85% of India’s ecommerce websites instantly. This participation will accelerate the issue of the Rupay Card and reduce the dependency on cash which will also be advantageous to CCAvenue’s merchants. They can now collect payments online instantly from a large numbers of new customers since the issue of Rupay is likely to be concentrated in the Tier 3 and Tier 4 cities in India. NPCI has already approached regional rural banks, urban co-operative banks and other banks that have not been offering any type of payment cards so far. This happily coincides with the industry research findings that new ecommerce customers are also coming in largely from these markets.
RuPay will initially process only Debit and ATM cards through the National Switch set up by NPCI. By the end of 2014, RuPay will also venture into credit card issuance to widen its customer reach considerably