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. Read on to know more about the Swadeshi competition of VISA and MasterCard.
Why choose a RuPay Debit 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.
Benefits of RuPay Debit 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.
Comparison of RuPay 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 card schemes.
Transactions carried out through a RuPay card are approximately 23% less expensive than those done by Visa, MasterCard, and AmEx cards. The processing for Visa, MasterCard, and AmEx transactions takes place overseas which is why the fees charged are relatively higher.
The fee structure for RuPay differs from that of its peers since banks need not make any payment to be part of the network. Visa, MasterCard, and AmEx require banks to pay an entry fee as well as a quarterly fee to be part of their network.
Since RuPay is a venture of the NPCI, the debit cards can only be used within the country. Visa, MasterCard, and AmEx cards can be used internationally.
The time taken to process transactions carried out through RuPay cards are comparatively faster since it is essentially applicable only for domestic transactions. Transactions carried out through Visa, MasterCard, and AmEx take slightly longer since they are processed on an international scale.
Security of data
Transactions carried out through a RuPay card tend to be more secure since it is available only in India. Therefore, the data with customer purchases stays within the boundaries of the country. Purchases made through Visa, MasterCard, and AmEx cards are processed through an international payment gateway and will be shared across the borders of the country.
At present, RuPay only offers debit cards, whereas Visa, MasterCard, and AmEx offer debit as well as credit cards.
The Indian government offers accidental insurance covers for all RuPay cardholders. The same benefit is not extended for Visa, MasterCard, and AmEx cardholders.
The following are a list of banks in both the public and private sector that issue RuPay debit cards:
Public Sector Banks
- Punjab National Bank
- UCO Bank
- Corporation Bank
- IDBI Bank
- Bank of India
- State bank of India
- Central Bank of India
- Bank of Maharashtra
- Dena Bank
- Bank of Baroda
- Syndicate Bank
- United Bank of India
- Andhra Bank
- Punjab and Sind Bank
- Indian Bank
- Vijaya Bank
- Oriental Bank of Commerce
- Allahabad Bank
- Union Bank of India
- Bhartiya Mahila Bank
- Canara Bank
- Union Bank of India
Private Sector Banks
- Karur Vysya Bank
- Kotak Mahindra Bank
- Axis Bank
- Federal Bank
- South Indian Bank
- HDFC Bank
- Lakshmi Vilas Mittal Bank
- ICICI Bank
- IndusInd Bank
- Tamilnad Mercantile Bank
- Ratnakar Bank
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%.
Difference between RuPay Card and Visa Debit Card
Sometimes differences between a RuPay Card and a Visa Debit Card can be confusing. The main differences are:
- One of the main differences between the cards is that RuPay is a domestic card with its own payment gateway. The payment network is approved just like VISA and MasterCard.
- RuPay, being a domestic product comes with lower transaction charges than a Visa Debit Card, which has processing abroad.
- RuPay Card transactions are faster in processing as they happen within the country, while Visa cards take more time as the transactions are processed internationally.
- While RuPay cards can only be used within India, Visa cards can be used outside India as well.
- Visa card banks are required to pay an entry fee or a quarterly fee to join the network, while RuPay card banks are not required to do so.
- While RuPay offers only debit cards for online transactions, Visa cards allow both credit and debit cards for online transactions.
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.
Documents required to apply for a RuPay Debit Card
- 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.
Register and use RuPay Debit 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:
- Before using your RuPay card for any transaction, you must first register it for ecommerce payments.
- Once the payment screen is in front of you, select RuPay card as the payment option.
- You will be then prompted to enter the details of your card such as card number, expiry date, CVD2 (3 digits on the back of the card).
- The cardholder then receives an OTP on his or her registered mobile number and email ID
- You are then required to enter the OTP and select an image from a small collection of images. The image needs to be remembered for all the transactions.
- You are also required to enter a phrase of up to 40 characters and remember the same for any future transactions.
- You must then enter your ATM PIN using mouse clicks.
- 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.
- 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.
Eligibility Criteria for RuPay Debit Cards
- 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, ICICI 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.
RuPay Debit Cards FAQs
- Does RuPay provide debit cards for farmers and agriculturists?
- What is the validity period of a RuPay debit card?
- I already have a savings account and a debit card. Can I open a PMJDY savings account and get a RuPay card?
- How is the processing of RuPay card transactions done?
- What is IRCTC RuPay Prepaid debit card?
- What does CVD mean in an online transaction?
- What do I do if my phone number is not registered with the bank?
- Should I separately register for RuPay E-commerce service?
- What should I do if I do not receive my OTP at the time of the transaction?
- How long is the OTP valid for?
- Can I use the same OTP if I re-try the transaction?
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. IRCTC RuPay Prepaid debit card can also be used to make online transactions and bill payments at merchant stores.
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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