Santa Claus comes around just once a year. In the meantime, there are Credit Cards.
The RuPay network fulfils the Reserve Bank of India's (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 have been issued to date.
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, HSBC and HDFC Bank. 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.
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, HSBC and HDFC Bank.
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.
In order to promote the use of UPI, RBI has proposed the linking of credit cards to UPI. RuPay credit card holders will be able to link their accounts with UPI and begin making transactions. With this facility, customers will get more options to make UPI payments conveniently. This arrangement will not be operational until the necessary system development is finished.
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.
RuPay is currently used to issue three different cards.
RuPay Credit Cards are currently available in three variants - RuPay Classic, RuPay Platinum, and RuPay Select.
Some of the best RuPay Credit Cards that are currently available are mentioned in the table below:
| Credit Card | Fee |
|---|---|
| Myntra Kotak Credit Card |
|
| FIRST Power Credit Card |
|
| HPCL Bank of Baroda ENERGIE Credit Card |
|
| SNAPDEAL Bank of Baroda Credit Card |
|
| IndianOil Axis Bank Rupay Platinum Credit Card |
|
| ICICI Bank Coral Rupay Credit Card |
|
| Bank of Baroda Premier Rupay Crediy Card |
|
| Bank of Baroda Easy Rupay Platinum Credit Card |
|
| BPCL SBI Card Rupay Platinum |
|
| HDFC Bank Regalia Rupay Select Credit Card | Contact the bank |
| Tata Neu Plus and Infinity Credit Card | Contact the bank |
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.
Step 1: Register on BHIM app (You can download it from the Google Playstore)
Step 2: Choose ‘Credit Card’ as your linking option.
Step 3: Select your issuing bank from the drop-down menu. Make sure the mobile number associated with your issuing bank is updated. Masked Credit Cards associated with your mobile number will appear on the screen.
Step 4: Choose the card you want to link. Confirm the selection.
Step 5: Generate a UPI PIN to complete the process.
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 an Indian Bank RuPay Kisan Credit 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 banks 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.
No, RuPay Card is not accepted internationally.
No, RuPay Card is not associated with Visa or Mastercard. RuPay Card is a standalone card introduced in India.
No, GooglePay does not support RuPay Card.
Yes, Paytm supports RuPay Card.
Yes, RuPay Card is good for online purchases.
Yes, you can convert your RuPay credit card to a Visa credit card. However, to obtain a physical VISA debit card, you must permanently block your RuPay physical debit card.
The limit of cash withdrawal for the RuPay credit card is set by the bank which issues the card.
Consumers, businesses, and banks in India will all have their needs met by RuPay Cards. The advantages of the RuPay debit card include the product platform's flexibility, its widespread acceptance, and the strength of the RuPay brand, all of which will enhance the product experience.
The charges for a RuPay card are set by the respective bank. Hence, the bank decides if they should charge for the card or not.
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