To enjoy smooth cash withdrawal, international, regional, and local banks across the country introduced RuPay debit and credit cards.
In also addition, banks introduce credit and debit cards for a paperless hassle-free procedure to withdraw money from ATM machines.
These credit and debit cards are the type of Payment Gateway Card. There are three types of Payment Gateway Cards in India – RuPay Card, Visa Card or MasterCard.
Thus, RuPay is the first kind of domestic Debit and Credit Card payment gateway in India, with wide acceptance at ATMs, POS devices, and e-commerce websites across India.
The name derived from the words ‘Rupee and ‘Payment’, emphasizes that it is India’s very own initiative for Debit and Credit Card payments.
RuPay card payment product or scheme launched by the National Payments Corporation of India (NPCI), has been formulated to fulfill RBI’s vision to offer a domestic, multilateral system that will allow all Indian banks and financial institutions in India to participate in all electronic payments.
The NPCI is an umbrella organization in India under the provision of Payment and Settlement Systems Act, 2007, empowered the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) to create a secure electronic payment and settlement system in India.
The NPCI is a body promoted by RBI and has presently promoter banks such as State Bank of India, Punjab National Bank, Canara Bank, Bank of Baroda, Union Bank of India, Bank of India, ICICI Bank, HDFC Bank, Citibank, and HSBC.
The NPCI has been incorporated as a Section 25 company under the Companies Act and is aimed to operate for the benefit of all the member banks and their customers.
Features and Benefits of RuPay Card
- Complimentary Lounge Access Program – Domestic & International
- Exclusive Merchant Offers
- Earn Cashbacks time to time
- 24 X 7 Services
- Comprehensive Insurance Cover
Advantages of RuPay Card
Lower cost: Banks not have to pay joining fees to issue ‘RuPay’ card to their customer’s international cards such as Visa and MasterCard, banks pay an entry fee to be a part of their network.
Affordability: It leads to a lower cost of clearing and settlement for each transaction. That makes the transaction cost affordable and drive usage of cards in the industry.
Faster processing: The processing of ‘RuPay’ card is faster as compared to visa and master cards international cards as its data processing and verification happens in India only.
Secure data: Operations of RuPay cards are limited within India only that are more secure as compared to other cards. Because Visa Debit Card or MasterCard, the customer’s data are processed internationally, and hence the risk of data theft is high.
Insurance: RuPay is offering complimentary personal accident insurance and permanent total disability cover in all RuPay debit cardholders.