RuPay: Indian Domestic ATM Debit Card

On March 26, 2012 National Payment Corporation of India (NPCI) has launched RuPay domestic ATM debit card.

What is RuPay:

RuPay is India’s own domestic card payment network system introduced by National Payment Corporation of India (NPCI). The name “RuPay” is the combination of Indian currency Rupee and Payment. RuPay is also the Hindi name of the Indian Currency. 

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Benefits of RuPay card:

·      RuPay card is cheaper than Visa and MasterCard.

·      Banks don’t have to pay rental fee for RuPay. Currently Indian Banks are paying millions of rupees for international card payment system services.

·      RuPay card ATMs will be available to rural and remotest corner of India.

·      Card will be accessible to over 91000 ATMs and around 6 Lakh point of sale around the country.

·      This card will be accessible to all Visa and MasterCard networks domestically.

·      Banks have to pay 40% lower costs compared to the international schemes for clearing and settlement of each transactions as all transactions will happened domestically. Eventually reduce the cost for banks as well as customers.

·      Due to higher participation fees and quarterly minimum processing fees of international card payment system Regional Rural Banks (RRBS), Co-operative banks and other small commercial Banks were not in a position to join the card payment system could join the RuPay payment system now.

·      Bank will pay fees to RuPay in Indian rupee instead of foreign currency.

Future Planning:

·      RuPay Credit card will be launched around March 2015. 

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