First launched in 2012, RuPay is the first domestic card payment network in India. Until RuPay was introduced, the debit and credit card industry in India has been dominated by international payment networks, Visa and MasterCard. This is the reason why we used to see either the Visa or the MasterCard logo on most of our cards.
Though a late entrant, the RuPay network, a proud product of National Payments Corporation of India (NPCI), grabbed the second position in terms of the value and the volume of transactions done through the cards by 2018.
The network also fulfils the Reserve Bank of India's (RBI) vision for a 'cashless' economy while empowering it and the Indian Bank's Association (IBA) to provide a safe and secure electronic payment and settlement system in the country.
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 the 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.
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.
Currently, RuPay Cards are being issued by more than 700 banks in India. More than 350 million cards are issued to date.
RuPay is currently used to issue three different cards.
Launched in June 2017, the RuPay credit cards enable secured payments for purchasing goods and services at merchant locations in India as well as in abroad.
Broadly, there are three variants of RuPay credit cards -
RuPay Domestic and International Credit Cards: RuPay Domestic Credit Cards are for national usage and are accepted at RuPay-powered merchant terminals, online websites, and ATMs in India.
RuPay Global Cards, the international variant of the cards, are being issued in partnership with Discover Global Network. The network includes Diners Club International, Discover Network, PULSE, and affiliate networks.
The Global Cards are currently issued by 40 banks and can be accepted at all merchant locations and ATMs on the Discover Global Network at major countries like USA, Sri Lanka, Singapore, etc.
RuPay Credit Card Variants:
RuPay Credit Cards are currently available in three variants - RuPay Classic, RuPay Platinum, and RuPay Select.
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.
The latest offers on Rupay cards are listed below:
|Offer From||Offer Details||Promo Code||Validity|
|Grofers||Flat Rs.100 cashback on a minimum order of Rs.1,000 on Grofers||RUPAY||31 March 2020|
||N/A||31 March 2020|
|Myntra||Get a discount of up to Rs.300 on a minimum purchase of Rs.999||RUPAY300||31 March 2020|
|Cleartrip||Enjoy cashback up to 20% on domestic flight and hotel bookings||RUPAY||31 March 2020|
|OYO||Get a flat discount of 45% + 50% cashback via OYO money.||NPCIOYO||31 March 2020|
|BigBasket||Avail a discount of 20% on a minimum order of Rs.800||BBRUPAY||31 March 2020|
|FirstCry||Flat Rs.650 discount on minimum purchase of Rs.1,999 at First Cry||RUPAY||31 March 2020|
|Fab Hotels||Extra 30% on the app only for all properties||FABRUPAY1||31 March 2020|
||1MGRUPAY||31 March 2020|
|Urban Drive||25% off on Self Drive Car/Bike Rentals.||UDRUPAY||31 March 2020|
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.
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.
Yes, RuPay has a Kisan card exclusively for farmers, enabling them to perform ATM and PoS transactions.
The joining fee or any other fee on a credit card is typically charged by the card issuer, not by RuPay.
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.
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.
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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