RuPay was launched to fulfil RBI’s aim to offer an indigenous a multilateral. Open-loop system which will allow all Indian banks and financial institutions in India to take part in electronic payments and to make India a “cashless society”. Thus, RuPay broke the behemoth duopoly of VISA and MasterCard payment systems by becoming a major player in the financial payments market.  RuPay was India’s plan to protect the financial data of its citizens and not allow foreign entities to capture its financial information.