RuPay Debit Cards Overview
RuPay cards have emerged as a strong contender to VISA and MasterCard in India. The Board for Payment and Settlement Systems in India was established in 2005 after the RBI realized the need to bring together, all retail payment systems under one channel and this gradually led to the formation of NPCI. The National Payment Corporation of India promoted by the Reserve Bank of India introduced RuPay in 2012. RuPay cards have since then seen a colossal growth and is becoming a favorite among the Indians.
RuPay Card Vs Visa Debit Card
Sometimes differences between a RuPay Card and a Visa Debit Card can be confusing. The main differences are:
|RuPay Card||Visa Debit Card|
|Domestic payment gateway||International payment gateway|
|Low transaction charges||Higher transaction charges|
|Faster processing of transaction||Slightly slower processing of transactions|
|Can only be used within India||Can be used outside India|
|Rupay banks do not have to pay network registration fees||Visa banks have to pay network registration fees|
|Only debit cards||Debit and credit cards|
Reasons to Choose a RuPay Card
- The transaction cost is very less when compared to the other debit card variants in the market - Visa and MasterCard because the whole transaction process takes place within India.
- RuPay cards are easily available to people with limited or no banking accessibility and RuPay cards are available in rural areas also.
- NPCI is also planning to offer EMV cards, contactless credit and debit cards under the RuPay label.
- With IRCTC RuPay prepaid debit cards, customers can book train tickets without any hassles.
- High transaction and withdrawal limit that comes with RuPay debit cards will offer immense flexibility to the customers.
How to Use RuPay Cards for Online Transactions
RuPay Debit Card is a product of National Payments Corporation of India (NPCI) which enables its users to carry out online transactions. You can follow the steps given below when you use RuPay Debit card online for the first time:
Step 1: First register for ecommerce payments to use RuPay card for any transaction.
Step 2: Once you register, a payment screen will appear. Here, select the RuPay card as the payment option.
Step 3: Enter the details of your cards which includes your card number, expiry date and CVD (3-digit number on the back of your card).
Step 4: Next you will receive an OTP on your registered mobile number as well as on your registered email ID.
Step 5: Enter the OTP.
Step 6: Next you will have to select an image from a small collection of images. The image needs to be remembered for all future transactions.
Step 7: You will be required to enter a phrase of up to 40 characters and remember this phrase for all future transactions.
Step 8: Lastly, you have to enter your ATM PIN.
Step 9: For some banks, a RuPay Premium PaySecure Service pop-up window is displayed on the screen and you are registered while you make the transaction.For subsequent transactions:
- On the payment page, you must enter all the card details such as card number, CVD, and expiry date.
- You must also identify the correct image, the one that was registered during the first transaction.
- Also, you must enter the correct phrase used while registration.
- Enter the correct PIN to complete the transaction.
Benefits of RuPay Card
A brainchild of RBI, RuPay is exclusively crafted to meet the needs and requirements of Indian customers. Here are some of the benefits that RuPay customers stand to get.
- Security of Information Related to Indians
- Safe Transactions
- Designed for India
- Greater Reach in Rural Areas
- Greater Reach in Rural Areas
- Payment Solutions across Platforms
Customer data and transaction details pertaining to RuPay card transactions will not be passed outside India.
With SMS alerts and notifications that are sent to the customer’s phone number after every transaction, RuPay cardholders can be ensured of a secure transaction.
RuPay cards have been customized keeping in mind the product and service requirements of Indians.
When it comes to the RuPay cards transactions, all the processing happens within the country. This results in lower cost of settlement and clearing for the transactions made using RuPay debit card. Banks will profit immensely from this as costs for transaction processing becomes affordable.
Consumers in rural areas can easily apply and get a RuPay card.
RuPay debit card is designed to provide complete interoperability between payment channels including mobile technology, ATMs, cheques etc.
Key Features of RuPay Debit Cards
Here are some of the features offered by RuPay debit cards that sets it a league apart from ither debit cards in the market.
- RuPay debit cards are accepted in over 10,000 e-commerce sites and more than 8 lakh POS terminals.
- RuPay debit cards are welcomed at more than 1.8 lakh merchant terminals in india.
- All the processing is done within the country. This would ensure faster transactions as compared to other debit cards in the market.
- RuPay cards are offered by public sector, private banks, co-operative and rural banks.
- When you make a transaction with RuPay cards, the transaction fee that is charged to the merchant is 0.01%.
Eligibility Criteria for RuPay Cards
The eligibility criteria to apply for a RuPay card are mentioned below:
- All public, private, regional rural banks and co-operative banks in india are issuing RuPay debit cards.
- Central Bank of India, Bank of India, HDFC Bank, State Bank of India, Union Bank of India and Punjab National Bank are some of the Indian banks offering RuPay cards.
- Customers can get a RuPay debit card with a no-frills savings account. Also, you can open an account under PMJDY scheme (Prime Minister Jan Dhan Yojana).
- You need basic KYC documents like ID proof and address proof to avail a RuPay debit card.
Documents Required to Apply for a RuPay Card
The documents that are required to apply for a RuPay card are mentioned below:
- Proof of address
- Proof of identification
- 2 passport size photographs
Customers with accounts in the banks mentioned above can obtain a RuPay debit card by filling out a form at their bank branch, requesting for a RuPay debit card.
Top 5 RuPay Card
Given below are the top 5 banks that offer the RuPay Card:
2. HDFC Bank Rupay Card
The RuPay card that is offered by HDFC Bank is called the RuPay Premium Debit Card. Both residents, as well as Non-Resident Indians (NRI), are allowed to apply for this card. However, individuals must have one of the below-mentioned accounts to apply for a RuPay card:
- Current Account
- Savings Account
- Salary Account
Features and benefits of RuPay Premium Debit Card
Some of the main features and benefits of the RuPay card offered by HDFC Bank are mentioned below:
- In case Utility Bills are paid using the card, you will receive a 5% cashback.
- A Personal Accidental Death/Permanent Disability Insurance of up to Rs.2 lakh is provided.
- The debit card can be used for shopping in India and abroad. The card can be used at ATMs as well.
- The daily domestic shopping limits and ATM withdrawal limits are Rs.2.75 lakh and Rs.25,000, respectively. The limits can be decreased or increased by using the net banking portal.
- Effective since 1 January 2018, a fuel surcharge will not be levied in case the card is swiped at HDFC Bank machines.
- No liability will have to be paid by you in case there is any fraudulent Point of Sale transactions. This feature is available up to 90 days from when you have reported the loss of card.
- Airport Lounge Access: You can use the card 2 times in a quarter in a calendar year at International Airport lounges and domestic airport lounges. A nominal fee of Rs.2 will be levied to avail these services. However, a valid PIN must also be used to avail these services.
- Customers who have a RuPay card are provided with concierge services across India 24 x 7. Gift delivery assistance, courier service assistance, gold reservations, investment consultancy, etc., are some of the concierge services that are provided.
3. Yes Bank Rupay Card
The three different RuPay cards offered by Yes Bank are mentioned below:
- Yes Prosperity RuPay Platinum Debit Card
- Yes Bank RuPay Kisan Debit Card
- Yes Bank PMJDY RuPay Chip Debit Card
Yes Prosperity RuPay Platinum Debit Card
The RuPay Platinum Debit Card that is offered by Yes Bank provides a good banking experience along with great offers. The card also caters to all types of domestic spends.
Features and Benefits
The main benefits and features of the Yes Prosperity RuPay Platinum Debit Card are mentioned below:
- Daily cash withdrawal limit of Rs.25,000.
- Daily purchase limit of Rs.25,000.
- Lounge access is provided at all domestic airports two times in a quarter.
- Domestic Concierge service is provided.
- Access is unlimited at 20 lakh terminals in the country as well as to over 2 lakh ATMs.
- Offers are provided on Entertainment, Travel, Shopping, Fine Dining, and more.
- In case Utility Bills are paid by using the RuPay Card, 5% cashback is provided.
- Online transactions for paying Utility Bills, travel, etc. can be made.
- Personal Accident Insurance of up to Rs.2 lakh is provided.
- Lost Card Liability Protection of up to Rs.25,000 is provided.
Yes Bank RuPay Kisan Debit Card
The Yes Bank RuPay Debit Card offers individuals a convenient way to make digital payments for farming as well as to easily access your credits.
Features and Benefits
The main benefits and features of the Yes Bank RuPay Debit Card are mentioned below:
- Assured reward points are provided on every spend.
- A daily withdrawal limit of Rs.1 lakh is provided.
- A daily purchase limit of Rs.1 lakh is provided.
- A fuel surcharge is not levied.
- Transactions are safe and secure.
- 24 x 7 access at ATMs as well as for Point of Sale transactions.
Yes Bank PMJDY RuPay Chip Debit Card
The Yes Bank PMJDY RuPay Chip Debit Card is mainly provided to unbanked customers in order to cater to their basic banking needs. The card was launched under the Pradhan Mantri Jandhan Yojana scheme.
Features and benefits
The main benefits and features of the card are mentioned below:
- Reward points are assured on all spends.
- A daily cash withdrawal limit of Rs.10,000.
- A daily purchase limit of Rs.10,000.
- Utility bills and travel transactions can be completed online.
4. SBI Rupay Card
The RuPay card offered by State Bank of India (SBI) is called the SBI RuPay Debit Card. The card can be availed by individuals who have a current or savings account with SBI. New customers are also allowed to apply for the RuPay card.
Features and benefits
The main benefits and features of the card are mentioned below:
- You will be able to withdraw cash as well as make cashless purchases by using this card.
- You can get up to 5 litres of petrol if the card is used at Indian Oil petrol bunks.
- Various offers are provided in case the card is used at Bata, Swiggy, Cleartrip, Myntra, Bigbasket, Redbus, etc.
5. Axis Bank Rupay Card
The RuPay card offered by Axis Bank is known as RuPay Platinum Debit Card and it comes with various features and benefits that are applicable across India. Customers can enjoy the benefits of the card anywhere and at any given time.
Features and Benefits
The main features and benefits of the RuPay Platinum Debit Card are mentioned below:
- Airport lounge access is provided.
- Cashbacks are provided on transactions.
- The daily withdrawal limit and the purchase limit are Rs.40,000 and Rs.2 lakh, respectively.
- Insurance cover is provided.
- The Debit Card PIN can be generated easily.
- A 15% discount is provided at all partner restaurants.
- Enhanced security is provided on all transactions in case you have a RuPay card that is Chip and PIN enabled.
Comparison of RuPay Card with Visa, AmEx, and MasterCard
RuPay is a card scheme that was developed by the National Payments Corporation of India (NPCI). Since it is a domestic card scheme, there are some areas where RuPay differs from its peers such as MasterCard, Visa, and AmEx. The following are a few points of distinction between RuPay and other International Debit Cards schemes.
|Features||RuPay||Visa, AmEx, and MasterCard|
|Processing fees||23% less expensive than international cards||More expensive as the processing happens overseas|
|Fee structure||Banks do not have to pay to be a part of the network||Banks have to pay an entry fee to be a part of the network|
|International usage||Domestic usage only||Can be used internationally|
|Processing time||Faster processing time||Slightly longer processing time|
|Security of data||More secure due to domestic payment gateway||Data shared across boundaries due to international payment gateway|
|Cards offered||Only debit cards||Debit and credit cards|
|Insurance cover||Accidental insurance provided by Indian Government||No insurance|
RuPay Card in Jan Dhan Yojana
Adding a provision of RuPay Card in Jan Dhan Yojana has added to the scheme’s benefits. It is expected to be India’s answer to the top most transaction processing cards in the world. Benefits of having a RuPay Card in your Jan Dhan Yojana account are:
- Faster processing: RuPay cards enable faster processing of transactions as the card is domestic. Since the transactions take place within India, the process is fast.
- Affordable: RuPay cards come at an affordable cost. This enables the banking facility and card technology to be reachable to remote areas.
- Lower processing fee: As the transactions are within India and the processing is carried out domestically, the fee is lower per transaction.
- Use in ATMs: The RuPay card can be used in over 1.45 lakh ATMs all over the country. More than 8.75 lakh POS terminals allow usage of these cards. It can also be used in over 10,000 e-commerce sites.
- Privacy protection: Usage of the RuPay card ensures protection of its data as it happens within the country.
- Customised products and services: Indian users of the card can avail a wide range of benefits including customized services and products.
- No processing fee: As RuPay is issued by a government body, banks are not allowed to use its services without any additional quarterly processing fee.
The following are a list of banks in both the public and private sector that issue RuPay debit cards:
|Public Sector Banks||Private Sector Banks|
RuPay Debit Cards FAQs
Yes, RuPay Kisan cards are offered exclusively for agriculturists and farmers empowering them to perform ATM and POS transactions.
RuPay debit cards are valid for a period of 10 years.
Yes, customers can have one PMJDY savings account with a particular bank. Also, they can surrender the existing debit card and request for a new RuPay card.
The processing of transactions done using RuPay debit cards is done by the payment gateway company CCAvenue which empowers more than 80% of the online merchant transactions in India.
IRCTC RuPay Prepaid debit card can be used to book railway tickets on IRCTC. The amount is preloaded and the card can be recharged anytime. There are two options of this card - Physical and virtual.
CVD (Card Validation Data) is a three digit number which is printed on the back of the card. It is also referred to as the CVV number.
If your mobile number is not registered with the bank, an online transaction is not possible. You must get in touch with your bank in order to do so. Even if you change your number, do not forget to update it with the bank.
No, there is no need for separate registration for RuPay E-commerce service. For all transactions, you must enter your card details and use the OTP sent to your registered mobile number.
Sometimes due to low signal strength, the OTP does not reach your phone. If your OTP fails to reach even after waiting for a considerable amount of time, click on ‘Resend OTP’ button. If nothing works, report to the bank immediately.
The validity of the OTP varies from bank to bank and is decided by the bank issuing the card.
The validity of the OTP cannot be used when you re-try the transaction as it is a separate transaction.
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