Santa Claus comes around just once a year. In the meantime, there are Credit Cards.
  • RuPay Credit Card

    The Rupay network fulfills the Reserve Bank of Indias (RBI) vision for a cashless economy while empowering it and the Indian Banks Association (IBA) to provide a safe and secure electronic payment and settlement system in the country.

    Launched in June 2017, the RuPay credit cards enable secured payments for purchasing goods and services at merchant locations in India as well as abroad. Currently, RuPay Cards are being issued by more than 700 banks in India. More than 350 million cards are issued to date.

    What is a RuPay Card?

    Coined from the words 'Rupee' and 'Payment', RuPay is the country's own initiative for debit and credit card payments. Just like Visa and MasterCard, RuPay is not a card by itself. Instead, it is a payment network through which banks or credit card issuers can issue debit or credit cards. As we are aware, a payment network plays a key role in processing card payments that are done electronically.

    Any bank or card issuer which chooses RuPay as a payment provider can issue a RuPay credit or debit card. RuPay network has 10 core promoter banks including State Bank of India, Bank of India, Punjab National Bank, Canara Bank, Bank of Baroda, Union Bank of India, ICICI Bank, HSBC, HDFC Bank, and Citibank. It has collaborated with more than 600 international, regional and local banks across India. In 2016, the network's shareholding has been extended to 56 more banks to expand its reach across sectors.

    How Does a RuPay Card Work?

    A RuPay card offers customers enhanced security in the form of an embedded EMV chip enabling high-value transactions to be done with complete protection. Additionally, RuPay cards also carry an inbuilt microprocessor circuit containing information about the card owner.

    RuPay cards can be used at over 1.5 lakh ATMs on the National Financial Switch network and purchases can be made at over 8.75 lakh point of sale terminals across India. Customers can also use RuPay cards for online transactions and purchases at over 10,000 web portals. NPCI has tied-up with 29 major banks to enable PIN-based PoS transactions via RuPay cards across various merchant outlets in India.

    Variants of RuPay Cards

    RuPay is currently used to issue three different cards.

    • Credit Cards
    • Debit Cards
    • Pre-paid cards

    RuPay Credit Card Variants:

    RuPay Credit Cards are currently available in three variants - RuPay Classic, RuPay Platinum, and RuPay Select.

    • RuPay Classic Credit Card: The card provides exclusive offers at merchant terminals in India and at online sites.
    • RuPay Platinum Credit Card: The Platinum variant provides you with attractive welcome gifts from various brands, cashback on dining and utility bill payments, personal accident cover worth up to Rs.2 lakh, offers at both online and merchant terminals and 24/7 concierge assistance for travel assistance.
    • RuPay Select Credit Card: A premium variant, the RuPay Select Credit Card, provides exclusive lifestyle benefits. Key features offered by the card include complimentary domestic and international lounge access, 24X7 concierge assistance for travel, entertainment and dining, free accident insurance cover worth Rs.10 lakh.

    RuPay Credit Card

    Credit Cards

    Co-Branded Cards

    Where is Rupay Credit Cards Accepted?

    RuPay credit cards can be used for card-present transactions involving ATMs and point of sale terminals and card-not-present transactions such as online shopping websites, IVR, etc.

    While the domestic RuPay credit cards are accepted at all RuPay enabled retail terminals, online websites and at all ATMs, international RuPay credit cards can be used at all RuPay acceptance points in India and all ICS Partner acceptance points such as ATMs, retail terminals and online shopping websites.

    Benefits of using RuPay Credit Cards

    RuPay cards offer various benefits to both card issuers and cardholders with superior customer service and higher levels of acceptance.

    NPCI offers RuPay cards at low processing fees along with instant SMS alerts for every transaction made by a customer. Some of the key benefits offered by the cards are listed below.

    • RuPay cards help save costs: Being a domestic payment system, all transactions will happen inside India leading to lower clearing and settlement cost for each transaction. Banks will benefit immensely from this as transaction costs become affordable, directly leading to an increase in usage of RuPay cards across the country.
    • Customised for Indian consumers: Made in India, for Indians, RuPay cards are designed and manufactured to cater to the needs of Indians with maximum flexibility to customise the product and services offered.
    • RuPay transactions are secure: Since all the card transactions take place within India, customers can be rest assured that their personal information and data remains inside the country, without the intervention of foreign organisations.
    • RuPay cards enable banks to tap into new consumer segments: Financial institutions in India can use RuPay cards to introduce the electronic way of life to certain sections in India, where banking services are still unavailable.

    Rural areas will benefit from RuPay products as they are indigenous and work to be very economical for banks planning to offer them to unexplored customer segments.

    • Products and payment channels brought closer: RuPay cards aim to connect various payment channels and products in India. Customers can access services like ATM services, banking transactions, e-banking services, requests for credit instruments, etc. using RuPay cards across different banking platforms.
    • Online payments with RuPay are quick and safe: E-commerce transactions using RuPay cards can be done without any hassles and in a very secure manner. RuPay cards carry a two-tier authentication process as mandated by the RBI and offer protection against phishing and data logging. The online interface is also very user-friendly and processes card transactions at a very fast rate.

    FAQs on RuPay Credit Cards

    1. Is RuPay Card available for agriculturists and farmers?

      Yes, RuPay has a Indian Bank Rupay Kisan Credit Card exclusively for farmers, enabling them to perform ATM and PoS transactions.

    2. Does RuPay charge any quarterly fee or joining fees for cardholders in India?

      The joining fee or any other fee on a credit card is typically charged by the card issuer, not by RuPay.

    3. What is the reach of a RuPay card with regards to the inclusion of member banks?

      RuPay has a partnership with private sector banks, public banks, rural as well as with co-operative banks. This is a huge advantage for RuPay customers as the reach of a RuPay card is quite high with tie-ups even with smaller banks across India.

    4. Can RuPay cards be used for international transactions?

      Yes, RuPay Global cards with Discover, Diners and Pulse Network logos can be used at over 39.3 million merchant locations and at over 1.88 million ATM locations in 185 countries across the world.

    5. What is the CVD number of RuPay Cards?

      CVD or card validation data is a 3-digit number printed on the back of the RuPay card. It is similar to CVV as referred by international payment networks.

      

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