RuPay - Everything You Need to Know About RuPay Cards, Benefits & How to Apply (2024)

RuPay was initiated by the Indian National Payments Corporation of India in 2012 and it operates only within the country. ATM withdrawals, internet transactions, and card payments are all available to RuPay cardholders. The RuPay card lowers operational costs and accelerates processing times compared to Visa and MasterCard. RuPay cards are accepted across the country in both urban and rural locations. So, let's understand how RuPay functions in detail.

Did you know?

The full form of RuPayis a blend of the words Rupee and Payment.

What isRuPay?

RuPay is Indian first native card payment infrastructure, and it is widely used at ATMs, Point of sale terminals, and e-commerce platforms. It's a super-secure system that also protects against phishing. It is the response to worldwide payment networks and a statement of national pride. RuPaymakes the RBI's goal of a cashless economy a reality. Only by pushing each Indian bank and financial institution into becoming tech-savvy and participating in electronic payments could this be accomplished.

RuPay is a product of the NPCI, which oversees retail payments in the nation. The Reserve Bank of India (RBI) and the Indian Banks' Association (IBA) were given the authority to build India's secure electronic settlement system. Because of the nature of NPCI's efforts and goals, it is classified as a "Not for Profit Company" under Section 25 of the Companies Act 1956 and, more recently, Section 8 of the Companies Act 2013. This was a project to create the necessary financial infrastructure to help India transition to a "cashless economy."

The previous seven-year journey of RuPay

• RuPay has become a household name after being committed to the nation by our former President of India, Shri Pranab Mukherjee, and endorsed by our Prime Minister of India, Shri Narendra Modi, before being proclaimed the card of choice for the ambitious Pradhan Mantri Jan Dhan Yojana.
• RuPay is now a household brand, having been dedicated to the country by our Hon'ble President, Shri Pranab Mukherjee, approved by our Hon'ble Prime Minister, Shri Narendra Modi, and afterwards declared the card of choice for the aspirational Pradhan Mantri Jan Dhan Yojana.
• In the previous seven years, RuPay has introduced a variety of card versions to appeal to diverse social groups.

• RuPay Classic, Platinum, and Select variant cards are aimed at the masses and affluent clients, in addition to the Government programme cards.
• RuPay offers tremendous privileges and benefits, such as domestic and international airline priority pass, to attract both mass and elite clients.
• RuPay has created a suite of new revolutionary solutions, such as RuPay Contactless, to keep up with the ecosystem's continual development and innovation.
• It has gained international recognition, provides personalised accidental death and total disability insurance, a variety of Cashback schemes, merchant incentives, and health and wellness perks.
• RuPayContactless has revolutionised payments by delivering offline wallet-based payment methods and service area capabilities for storing merchant/operator-specific apps.
• It implements the concept of One Card for All Payment Systems.
• This solution allows for smooth payment throughout all use cases, including transit throughout the country on multiple metros and other public transportation systems, retail buying, and purchasing.

Also Read:Bharat BillPay Product Overview

RuPay Cards

In India, RuPay cards have established themselves as a significant competitor to VISA and MasterCard. The Council for Payment & Settlement Systems in India was founded in 2005 when the Reserve Bank of India recognised integrating all payment systems beneath one channel. RuPaywas established in 2012 by the Reserve Bank of India-backed NPCI. RuPay cards have grown dramatically since then and are quickly becoming a popular choice among Indians.

Features of RuPay Debit Cards

RuPay debit cards have several unique characteristics that differentiate them from other debit cards on the market.

• RuPay debit cards are recognised by over 10,000 e-commerce sites with over 8 lakh payment terminals.
• RuPay debit cards are approved at about 1.8 lakh merchant outlets in India.
• All transactions take place within the country.
• Compared to other debit cards on the market, this would result in speedier transactions.
• RuPay cards are available from the government, private banks, cooperative banks, and rural banks.
• When you use RuPay cards to make a purchase, the merchant is charged a 0.01% transaction fee.

Features ofRuPay Credit Card

The Central Bank of India and the Indian Banks Association employ the RuPay network to provide a safely and securely electronic payment process across India, allowing the RBI to achieve its goal of a paperless society.

• RuPay Credit Cards, released in June 2017, enable individuals to make secure purchases of goods and services at participating merchants in India and abroad.
• More than 700 Indian banks now issue RuPay Cards. So far, more than 350 million cards have been issued.
• There are three main kinds of RuPay Credit Cards: RuPay Select, RuPay Platinum, and RuPay Classic.

Reasons to Choose a RuPay Card

• The entire transaction procedure of RuPay takes place within India. Therefore, the transaction cost is quite low compared to the other debit card variations on the market- MasterCard and Visa.
• RuPay cardsare readily available to persons who have limited or no access to financial services, and they are also available in rural regions.
• Under the RuPaylabel, NPCI plans to sell contactless credit, Europay, MasterCard, Visa (EMV) cards, and debit cards.
• Buyers can book railway tickets with ease utilising IRCTC RuPayprepaid cards.
• Customers will benefit greatly from the high transaction and withdrawal limits of RuPay debit cards.

How to Make Online Transactions with RuPay Card?

The NPCI provides the RuPay Debit Card, permitting clients to manage online exchanges. When utilising your RuPay Debit card online for the first time, follow the given steps:

• Step 1: To use the RuPay card for any purchase, you must first register for e-commerce payments.
• Step 2: After you've registered, you'll be sent to a payment screen. Now pick the RuPay card as your method of payment.

• Step 3: Enter the details for your card, along with the card number, expiry dates, and CVV.
• Step 4:You will get an OTP on both your registered mobile number and email address.
• Step 5:Insert the one-time password (OTP).
• Step 6:After that, you'll have to choose a picture from a tiny collection. For all future transactions, the picture must be memorised.
• Step 7: You must type a combination limited to 40 characters; keep this combination in mind for future transactions.
• Step 8:Lastly, enter your ATM pin.
• Step 9: A pop-up window appears on the screen for some banks, and you are registered while making the transaction.

For the following transactions, use this format:

• You must input all card information on the payment page, including the card number, CVD, and expiration date.
• You must also locate the proper picture saved in the first transaction.
• You must also provide the right phrase used during registration.
• To complete the transaction, enter the proper PIN.

Benefits of RuPay Card

RuPay, a brainchild of the Reserve Bank of India, is specifically designed to satisfy the demands and expectations of Indian customers. These were some of the advantages that consumers of RuPay may expect.

• Client data and transaction details relating to RuPay card transactions will not be transmitted outside India.
• Secure transactions: RuPay cardholders may be assured of a secure transaction thanks to SMS alerts and notifications delivered to their phone numbers after each transaction.
• RuPay cards have been tailored to meet the needs of Indian consumers in terms of product and service.
• RuPay card transactions are processed entirely within the country, allowing greater reach in rural areas.
• As a result, the cost of settlement and clearing for transactions conducted with a RuPay debit card is reduced.
• Banks will benefit greatly when transaction processing costs become more inexpensive.
• Rural Consumers Have More Access: Consumers in rural regions may quickly apply for and receive a RuPay card.
• The RuPay debit card is intended to enable total interoperability across all payment channels, including mobile technologies, ATMs, and checks, among others.

Qualification For Having RuPay Cards

To qualify for a RuPay card, you must satisfy the following conditions:

• RuPay debit cards are issued by all public, commercial, regional rural banks and cooperative banks in India.
• RuPay cards are available from the HDFC Bank, Union Bank of India, Central Bank of India, Punjab National Bank, Bank of India, and State Bank of India, among others.
• Customers who have a no-frills savings account can receive a RuPay debit card. You can also establish an account using the PMJDY programme.
• To get a RuPay debit card, you'll need standard KYC papers, including identification and proof of residency.

Required Documents to Apply for a RuPay Card

The following are the papers necessary to apply for a RuPay card:

• Address proof is required.
• Identification proof
• two passport-size photos

Consumers having accounts in the banks mentioned above can get a RuPay debit card by completing the necessary paperwork at their local branch.

Comparison of RuPay Card with Visa, AmEx, and MasterCard

The National Payments Corporation of India (NPCI) created the RuPay card programme (NPCI). RuPay varies from MasterCard, Visa, and American Express in a few ways since it is a local card programme. There are a few differences between other International Debit Card systems and RuPay, as listed below:

Also Read:What is e-RUPI?

Conclusion

The addition of a RuPay Card feature to the Jan Dhan Yojana has increased the scheme's advantages. It is projected to be India's answer to the world's most advanced transaction processing cards. The are various advantages of retaining a RuPay Card for your Jan Dhan account. Because RuPay cards are domestic, they allow for faster transaction processing. The transaction is quick since it takes place within India. RuPay cards are inexpensive. This makes banking and card technologies accessible to people in rural places.

Moreover, the transactions are made, and the processing is done in India, making the lower fee per transaction. When you use the RuPay card, you can be certain that your data is safe while you're in the nation. Because RuPayis a government-issued payment system, banks are not permitted to use it without paying a quarterly processing fee.