RuPay Card in India
National Payments Corporation of India (NPCI) has launched RuPay, a new card payment scheme to offer citizens of our country anytime, anywhere payment services which are simple, easy to use, safe, secure, fast and also cost effective. It is the seventh such payment gateway in the world. The word RuPay is made from Rupee and Payment. RuPay Cards are used as visa and MasterCard enabled debit & credit cards.
President Pranab Mukherjee on 8th May 2014 launched the RuPay Card to the public.These cards are accepted at ATMs, Point of Sale (POS) terminals and e-commerce merchants across the country India.
Benefits of RuPay Card
- Lower Cost and Affordability: It is cost effective and affordable as processing of transaction of RuPay Card will happen domestically.
- Customized Product Offering: RuPay is a domestic scheme and it is committed to provide customized offers for Indian Customers.
- Protection of Information related to Indian Consumers : All data related to Indian consumers will remain in India
- Higher Penetration: The price of RuPay products is right, so banks could offer it to untapped population also.
- E- Commerce Solution: Now RuPay Debit Cards can be used for online transactions through RuPay Pay Secure an e-Commerce solution of National Payments Corporation of India (NPCI). This card can be used at all ATMs, merchant establishments in India for online transactions and payments.
- Personal accident insurance and permanent disability cover of Rs 1 lakh : RuPay Card offers this cover to its cardholders, subject to the card should be in the activated condition.
There are 25,331 RuPay card-enabled ATMS have already installed by PSBs and 9,000 more ATMs would be installed in the current fiscal.
National Payments Corporation of India (NPCI)
National Payments Corporation of India (NPCI) is an RBI promoted organization in the field of retail payments in India. It has presently ten core promoter banks i.e. State Bank of India, Punjab National Bank, Canara Bank, Union bank of India, Bank of India, Bank of Baroda, ICICI Bank, HDFC Bank, HSBC and Citibank .