Introduction About RuPay Card

The National Payment Corporation of India (NPCI) is an umbrella organization. It powers the retail payment system in the nation. The institution came with a product along with RBI called “RuPay”.

Let’s read all about it.

What is a RuPay card?

RuPay is a unique global card payment network of the country. It is widely accepted at Pos devices, e-commerce sites and ATMs all over India. The name RuPay is derived from the “Rupee and Payment” words.

RuPay fulfills the aims of RBI, that is, to initiate a “less cash” economy. It came in the market in 2012 and has launched numerous card variants. This development was for the diverse segments of the society.

The card became popular all over India via the Pradhan Mantri Jan Dhan Yojana. After a few years, the scheme bought the idea of a savings account with zero balance.

The RuPay contactless has modified payments with one card for all payment systems vision. It has introduced offline wallets on the basis of payment mechanism and service area features.

Features of RuPay card

The key features of the RuPay Card are as follows-

• No requirement of separate registration
• Faster process of transaction
• Enhanced User Interface with single screen checkout
• Effortless confirmation process and simple flow of transaction
• Highly secure as the card info and OTP is used for confirmation

Benefits of RuPay card

The Indian market has a huge potential for card-holders. RuPay card addresses the needs of Indian banks, consumers and merchants. The benefits of RuPay card are as follows-

1. Affordable and Low Cost

The domestic transaction process will reduce the clearing and settlement cost for each transaction. This makes the cost of transaction affordable. It will encourage card usage in the industry.

2. Secure info of the citizens

The data of transaction and customer is secured while making a transaction with a RuPay card.

3. Personalized product offering

The RuPay card supports customizing products and services provided to Indian customers.

4. Inter-operability between products and payment channels

RuPay card is set to provide complete inter-operability between products and payment channels. NPCI is offering varied solutions across platforms that includes cheques, ATMs, etc. The card is well-placed across all the platforms.

5. Offer options of electronic product for rural people

There are lots of rural areas consumers that are not able to access banking services. Correct costing of RuPay products makes the card accessible. The bank can easily offer it to all its customers.

6. Various offers on RuPay Debit Card

The RuPay Debit card provides various offers such as utility bill payment cashback, IRCTC cashback, etc.

Issuing Banks

Currently, there are more than 1,100 banks that issue RuPay cards. This includes the banks of

• Private Sector
• Regional Rural
• Public Sector, and
• Co-Operative

The RuPay card is promoted by some banks such as

• HDFC Bank
• Canara Bank
• State Bank of India
• HSBC
• Bank of India
• ICICI Bank
• Union Bank of India
• Citibank N.A., and
• Punjab National Bank

Presently, there are 56 banks that are the share-holders of NPCI.

How to use RuPay Card while making first online transactions?

The card-holder has to register themselves to make first online transactions with RuPay Card.

Following are the steps for registration:

• Select the product you prefer to buy
• Tap on RuPay card as payment option
• Enter Card number, CVV and Expiry date
• Put OTP provided to you at your registered mobile number
• Select an image from the small frame of a random image mixture
• Enter a sentence and remember it for future transactions
• Put correct ATM PIN & click on submit button
• The transaction gets successful.

What is the dis-similarity between RuPay, and Visa Card?

The difference between Visa and RuPay card are as follows-

Processing fee:

The processing fee of transactions is cheaper in RuPay debit cards than Visa. It is because of domestic usage. While the VISA debit cards are used in international transactions, this makes it more expensive.

Fee Structure:

Indian banks don’t have to pay an entry or quarterly fee for the RuPay debit card. However, banks have to pay initiation and quarterly fees for VISA debit cards.

Safe and secure:

The VISA and RuPay debit card provides equal safety and security in transactions.

Conclusion

RuPay has launched a new e-commerce system called Bharat E-commerce Payment Gateway (BEPG). It is set up to improve the current e-commerce experience of RuPay card-holders.

Rupay card aims to provide a comfortable and easy e-commerce experience. It is without disturbing security and settling on the risk.

FAQs

Q1. What is a RuPay Credit/Debit Chip Card?

RuPay Credit/Debit Card is a swiping card with a microchip mixed in it. The chip offers extra security for duplication of the card. It also offers security in the Personal Identification Number (PIN) form. A user will have to put the PIN during transactions at merchant outlets.

Q2. What is a RuPay Contactless card?

RuPay contactless is defined as a card that enables the user to pay in a fraction of seconds. They just have to tap their card on the card reader device. The user doesn’t require to put PIN below Rs. 5000 transaction. But it is mandatory for them to tap card and put a PIN for transactions above Rs. 5000.