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
Customer data and transaction details pertaining to RuPay card transactions will not be passed outside India.
- Safe Transactions
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.
- Designed for India
RuPay cards have been customized keeping in mind the product and service requirements of Indians.
- Greater Reach in Rural Areas
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.
- Greater Reach in Rural Areas
Consumers in rural areas can easily apply and get a RuPay card.
- Payment Solutions across Platforms
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 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.
- Does RuPay provide debit cards for farmers and agriculturists?
Yes, RuPay Kisan cards are offered exclusively for agriculturists and farmers empowering them to perform ATM and POS transactions.
- What is the validity period of a RuPay debit card?
RuPay debit cards are valid for a period of 10 years.
- I already have a savings account and a debit card. Can I open a PMJDY savings account and get a RuPay card?
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.
- How is the processing of RuPay card transactions done?
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.
- What is IRCTC RuPay Prepaid debit card?
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.
- Debit Cards Vs Credit Cards
- Debit Cards for Fuel
- Debit Cards for Online Shopping
- Prepaid Cards for International Travel
- Debit Cards for Movie Tickets
- Debit Cards for Students
- International Debit Cards
- Debit Cards for Shopping
- Debit Cards for Restaurants
- Debit Cards for EMI
- New ATM Transaction Charges
News About RuPay Debit Card
Use of RuPay Debit Cards allowed at PoS terminals, says NPCI
The National Payments Corporation of India (NPCI) has cleared the misconception that RuPay Debit Cards can only be used at ATMs. NPCI Managing Director and Chief Executive Office, AP Hota, clarified that apart from ATMS, RuPay Debit Cards can be used at any PoS (Point of Sale) terminal as well as major e-commerce portals.
More than 600 banks issue RuPay Debit Cards to their customers and over 300 million such cards are in circulation, at present. On an average, more than 10 lakh RuPay Debit Card transactions have been recorded on e-commerce sites and PoS terminals every day. With the demonetisation move in full action, most people are opting to use payments through Pos machines. India has around 14 lakh PoS terminals and almost 2.3 lakh ATMs across the nation. The NPCI has also announced that all railway stations, hospitals, and utility billing counters will also use PoS terminals, very soon.
22nd November 2016
Fees On Card Transactions may Drop, may benefit shopkeepers
Demonetization of Rs.500 and Rs.1,000 currencies in India is all all over the news. After these currencies were cancelled as legal tender, people increased their debit/credit card usage significantly to avoid standing in a long queue lined up in front of banks and ATMs. The National Payments Corporation of India(NPCI), has waived the 90 paise fee it charges banks for every card transaction. The famous payment platform RuPay is owned by the NPCI.As NPCI has decided to waive the fee, the competitors of RuPay are under pressure to do the same. The main competitors of RuPay are MasterCard and Visa. NPCI used to charge 60 paise for card issuing bank and 30 paise for card accepting bank for both swipe machine and e-commerce transactions. NPCI has stated that the charges will be waived off till the end of December.
18th November 2016
RuPay Debit Card to gain Dominance with Small Finance Banks
The National Payment Corporation of India (NPCI) has consulted small finance bank licensees for the issue of RuPay cards. According to experts, RuPay’s certification fee is half the fees charged by other service providers. The timeline for launch of RuPay debit cards is also shorter than others. Apart from being cost-effective for banks, one of the advantages of the Repay Debit Card is that all card data will be stored on Indian servers.
Capital Small Finance Bank, which is the country’s first small finance bank, issued 80,000 RuPay Debit Cards and recently introduced the Rupay Platinum Card. Kolkata-based Bandhan Bank has also issued 7.7 million RuPay Debit Cards until March, this year.
22nd September 2016
CM launches 'Bank on Wheels' in Rural Orissa
In an admirable move towards attaining financial inclusion in Orissa, Chief Minister Naveen Patnaik has inaugurated ‘Bank on Wheels’, a unique mobile banking services ingenuity that targets to extend to unbanked population in far-flung regions. Such a massive and inclusive project is one of the firsts by the Odisha State Cooperative Bank (OSCB), focusing on 20 blocks with no banks. This is basically 20 vans well-appointed with ATM, info kiosk and complete mobile bank offices to the envisioned districts.
The Bank on Wheels will be beneficial to thousands, especially agrarians. It will deliver loans and other financial products at their homes. They will also be provided with RuPay debit cards that can be used in these vans. He also inducted the essential banking data management centre, which links 355 offices and divisions of OSCB. Mr. Naveen himself guided the State Cooperation Department to make a roadmap for alteration of Kisan credit cards to smart banking cards to enable finances for farmers via ATM kiosks.
10th September 2015
After the Success of RuPay Debit Cards, NPCI to Launch e-payment Literacy Workshop
National Payments Corporation of India has come with up a nationwide workshop for e-payment literacy. The workshop will be held in over 56 regional rural banks across 120 centres and will inform people about the e-payment gateways and its advantages in India. After the roaring success of RuPay debit cards, NPCI is also planning to launch three more cards including an international card, a credit card and a co-branded card in the forthcoming year. NPCI was in talks with China’s UnionPay and Japan’s JCB to facilitate cash withdrawal transactions in these two countries. NPCI has also witnessed a colossal growth in the number of transactions that include debit card cash withdrawals from ATM and cheque clearing.
07th September 2015
National Payments Corp to Introduce more Cards after the Success of RuPay Debit Cards
The National Payment Corporation of India (NPCI) is planning to introduce three more cards for retail payments by the next year. NPCI will launch a “Mudra” card, an international card and also a credit card within the next year. After the success of RuPay Debit cards, NPCI is also in talks with Chinese and Japanese bank card associations, JCB and Union Pay, to empower Indians to avail international banking services in areas where these two establishments are operating.
NPCI’s operations have increased multifold from two million to about 20 million in a day over the last 5 years. The volume of transactions is expected to grow up to 40 million in two to three months. NPCI transactions include debit card withdrawals from ATMs, cheque clearing and Point of Sale (PoS) operations.
07th September 2015