Everything you need to know about RuPay Cards

According to RuPay - Wikipedia

In India, 90 per cent of credit card transactions and almost all debit card transactions are domestic; however, the cost of transactions was high due to monopoly of foreign gateways like Visa and Mastercard.

RuPay is an Indian domestic card scheme which provides debit and credit cards, and it functions quite similar to Visa/Master cards. The initiation of this card was done by the National Payments Corporation of India (NPCI).

What is RuPay Cards?

RuPay is a combination of two words Rupee and Payments. It is similar to debit and credit cards that you have, and you can easily access them in 1.45 lakh ATM and 8.75 lakh POS terminals around the country. They can also be used as a mode of payment in more than 10,000 e-commerce websites. Most of the public sector banks are issuing RuPay cards to their customers easily.

The RuPay cards also come with a technology chip called EMV EuroPay, MasterCard, and Visa, which provides secure higher transactions. A microprocessor circuit embedded on it holds all the information about the card holder.

Benefits of RuPay cards

The main advantage of RuPay cards is that they are flexible with product platforms. Here are some of the other benefits of RuPay cards:

Lower cost and affordability

The sole purpose of bringing the RuPay cards in the market was to lower the cost of the transactions. Since all the processing will occur domestically, it would lead to lower cost of clearance and settlements. The transaction costs will automatically go low and increase the usage of cards.

Customized product offering

RuPay, being a domestic scheme holds a lot of chances of customization in the services. The services offered to Indian consumers will be far better than the Visa/ Master cards.

Not to mention, since its a government funded card, you can accept to get much more discounts when you use RuPay cards at Indian merchant stores.

Protection of information

As all the transaction will be done through Indian transaction gateways, your private information will remain in India only. Also, the transactions will be faster and swift in comparison to other transaction methods.

Provide electronic product options to unexplored consumer segment

There are some consumer sectors in the rural area which do not have access to banking services. The lower charges of the RuPay transactions will give these sections of the society thumbs up, and even the rural areas can take part in the movement of cashless economy.

Inter-operability

RuPay card is all made to offer interoperability between the channels and products. NPCI currently provide secure solutions across many platforms, including mobile technologies, ATMs, and cheques. This step taken by NPCI is nurturing the RuPay cards well.

The growth of RuPay cards is directly linked to the growth of a cashless economy. Along with being fast affordable, and reliable, these cards are extremely safe also. Cashless economy and RuPay cards, both of them are functioning in collaboration with each other, and its the right time to start utilizing its high-end benefits.