Matt Bullock
23 March 2011
The National Payments Corporation in Mumbai, India, recently finalized a payment gateway called Rupay after two years of planning, the Deccan Herald reports.
The Rupay card acts as a domestic alternative to Visa and MasterCard, with goals of eventually phasing out the popular card companies altogether. Rupay would control all payments and settlements that happen through credit and debit cards in India, the media source reports.
Furthermore, all ATMs in India will be connected through Rupay, eliminating the need to route transactions through network switches owned by Visa and MasterCard.
Similarly, Jumio, a San Francisco, California-based payment alternative, aims to eliminate paper money altogether, explains Xconomy.
"I'm usually a critical person, but the last time I have seen such a disruptive idea was actually Facebook," said Jumio co-founder Eduardo Saverin.
The news source reports that Saverin already raised $6.5 million in funds for Jumio. It's gained buzz due to a viral promotional ad in which a fictional "Anti-Cash League" attempts to "stop the production of all paper and metal currency by 2020."
Saverin plans to launch the new technology "soon," according to the media outlet.
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