RuPay comprises of two words, Rupee and Payment. RuPay is the first-of-its-kind domestic Debit and Credit Card payment network of India, with wide acceptance at ATMs, POS devices and e-commerce websites across India. It was conceived to fulfil RBI’s vision to offer a domestic, open-loop, multilateral system which will allow all Indian banks and financial institutions in India to participate in electronic payments and reduce cash transaction. It is made in India, for every Indian to take them towards a “less cash” society.
RuPay will not only reduce the dependence on cash and cheque modes of settlement but will also make it easier to offer specific requirements of various user sets within the country. And it is a highly secure network that protects against anti-phishing.
RuPay is a product of National Payments Corporation of India (NPCI), the umbrella organisation that powers for all retail payments in the country. It was set up with the guidance and support of the Reserve Bank of India (RBI) and Indian Banks Association (IBA), under the provision of Payment and Settlement Systems Act, 2007, which empowered the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) to create a secure electronic payment and settlement system in India. The company is focused on bringing innovation in the retail payment system through the use of technology so that it will bring efficiency and effectiveness in day to day operations of business and it will also widen the reach of payment across people of the every section of the country.
Advantages of RuPay Card
- Lower cost and affordability: Government of India’s initiative towards affordable basic banking services. The transaction processing will happen within the country, so, it would lead to lower cost of clearing and settlement for each transaction. This will make the transaction cost affordable and increase the use of card by large population of country and also drive usage of cards in the industry.
- Customized product offering: RuPay, being a domestic scheme is committed towards development of customized product and service offerings for Indian consumers.
- Protection of information related to Indian consumers: Transaction and customer related data of RuPay card will be protected.
- To motivate Indian customers to switch from cash to electronic payments.
- It will reduce long queue of people for withdrawal of money in bank.
- Provide electronic product options to unemployed consumer segment: Provide electronic product options to unemployed consumer segment: There are more unemployed consumers segments in rural areas that do not have access to banking and financial services. Right pricing of RuPay products would make the RuPay cards more economically feasible for banks to offer to their customers.
- Inter-operability between payment channels and products: RuPay card is uniquely positioned to offer complete inter-operability between various payments channels and products. NPCI currently offers varied solutions across platforms including ATMs, mobile technology, cheques etc and is extremely well placed in nurturing RuPay cards across these platforms.
Features of RuPay Card
- Complimentary Lounge Access Program – Domestic & International
- 24X7 Customer’s Support
- Earn Cashback from time to time
- Extensive Insurance Cover
- Exclusive Merchant Offers
- RuPay PMJDY Debit Card- RuPay PMJDY Debit Card is issued with accounts opened under Pradhan Mantri Jan DhanYojana. Pradhan Mantri Jan-DhanYojana (PMJDY) is a National Mission for Financial Inclusion to ensure access to financial services, namely, Banking / Savings & Deposit Accounts, Remittance, Credit, Insurance, Pension in an affordable manner.