All about India's very own RuPay card

Business

29 Jun 2018

#FinancialBytes: All about India's very own desi RuPay card

The National Payments Corporation of India (NPCI) launched the country's first indigenous card scheme called 'RuPay' in 2012, to deal with the monopoly of international card networks- MasterCard and Visa.

Currently, it is the No. 1 card scheme in the country in terms of the number of cards issued.

Here's everything you need to know about the RuPay scheme.

Benefits

Why should you choose a RuPay card?

Why should you choose a RuPay card?

A RuPay card comes with a lower transaction cost, both clearing and settlement, and processes transactions quickly as they get processed domestically.

Moreover, all your transaction related information remains within India only.

The card is accepted at 1 .45L ATMs, over 8.75L POS terminals, and 10,000+ e-commerce websites.

Further, RuPay cardholders get accidental insurance coverage up to Rs. 1 lakh without any extra cost.

Card Variants

Let's explore the ambit of RuPay offerings: Part 1

The RuPay card network offers as many as 15 types of cards including three credit cards, six debit cards, 1 Global card, four prepaid cards and a contactless card.

While with RuPay credit cards, it aims "to provide privileges of a luxurious living" to Indians, with debit cards the aim is to make savings bank account transactions for all its users, including farmers and other rural workers, easy and convenient.

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Card Variants

Let's explore the ambit of RuPay offerings: Part 2

Let's explore the ambit of RuPay offerings: Part 2

Besides, credit and debit cards, RuPay offers four types of prepaid cards- Gift Card, Payroll Card, Student Card and Virtual Card.

RuPay also offers a Global Card to empower every Indian citizen with a world-class, modern, and safe payment solution. As the name suggests, this card can be used globally.

There is also a RuPay Contactless Card which supports both online and offline transactions.

Uniqueness

Unique and India-centric offerings: Part 1

RuPay PMJDY Card: It allows Indian citizens to avail affordable banking services under the government's Pradhan Mantri Jan-Dhan Yojana (PMJDY).

Payroll Card: This card serves as the perfect substitute for cheques/cash for employers for the payment of employees' salaries.

RuPay Mudra Debit Card: It is meant for the beneficiaries of MUDRA Loans under the government's Pradhan Mantri Mudra Yojana Scheme.

Uniqueness

Unique and India-centric offerings: Part 2

Unique and India-centric offerings: Part 2

RuPay Kisan Card: It caters to the credit-support needs of farmers for both farming and non-farming activities.

Student Card: This is especially designed for students, and the activities can be monitored by their parents.

Virtual Card: This offers the additional security, much like any other virtual card.

RuPay PunGrain Card: This card is meant for Arthias (commission agents) for the procurement of grains under Punjab government's PunGrain initiative.

Application

Here's how you can apply for a RuPay card

To apply for a RuPay card online, visit the RuPay website and enter your basic personal details in the application form.

Choose the type of RuPay card you would like to have and the bank you would prefer to get your RuPay card from. (You must have a savings account in this bank).

Click 'Submit' and your RuPay card application is done.

Difference

How is RuPay different from MasterCard, Visa

How is RuPay different from MasterCard, Visa

Typically, a transaction made using RuPay card costs around 23% less than the ones made using MasterCard/Visa cards, as its processing fee is lower.

But, it comes with its own limitations. Unlike a MasterCard/Visa card it can't be used everywhere.

It is usable in India and is accepted internationally only through its global partners including Discover Financial Services, Diners Club, JCB, UnionPay, and Pulse; and at all NETS acceptance points in Singapore.

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Most asked questions

I am not able to receive the OTP of my RuPay Card, what should I do?

What to do if my Phone number is not registered with my bank. Would I be able to use my RuPay Card still?

I want to use RuPay E-commerce service. Do I have to register separately for it?

Can RuPay Cards be used as gift cards also?

Can RuPay Card be used for online transactions too?

Is RuPay Card accepted internationally like other cards like Master Card?

What are the different variants in which RuPay card are available?

Which Banks offer RuPay Card facility?

What do you mean by an Issuer Bank?

I want to get a RuPay Card for myself. What should I do?

More questions

I am not able to receive the OTP of my RuPay Card, what should I do?

Asked 2018-06-29 13:36:55 by Anonymous -

Answered by NewsBytes

You can wait as delivery of OTP depends on the signal strength of your telecom carrier in your current location. Alternatively, if you still do not receive OTP after a considerable amount of time, please click on "Resend OTP" button. If you continue to face problems with the receipt of OTP (delayed/ non-receipt) please report the same to your bank immediately.

What to do if my Phone number is not registered with my bank. Would I be able to use my RuPay Card still?

Asked 2018-06-29 13:36:42 by Anonymous -

Answered by NewsBytes

You won't be able to use all facilities of RuPay Card if your phone number is not registered with your bank. Please get in touch with your bank for registering your mobile number. You can do so by visiting the nearest bank branch or any ATM. Do not forget to update the same every time you change your number.

I want to use RuPay E-commerce service. Do I have to register separately for it?

Asked 2018-06-29 13:36:20 by Anonymous -

Answered by NewsBytes

No separate registration is required for RuPay e-commerce transactions, for all transactions the cardholder needs to enter card details and OTP (one-time password).

Can RuPay Cards be used as gift cards also?

Asked 2018-06-29 13:36:02 by Anonymous -

Answered by NewsBytes

Yes, you can request the bank for a RuPay pre-paid Card which is preloaded with any requested amount and use them as gift cards.

Can RuPay Card be used for online transactions too?

Asked 2018-06-29 13:35:53 by Anonymous -

Answered by NewsBytes

RuPay Card is accepted at online sites. Please see the link for the list of Aggregators Live. Using RuPay Cards online can be done by entering your card details and then enter the OTP received by you.

Is RuPay Card accepted internationally like other cards like Master Card?

Asked 2018-06-29 13:35:37 by Anonymous -

Answered by NewsBytes

RuPay Global card with Discover, Diners & Pulse Network logos is accepted at over 39.3 million POS locations and over 1.88 million ATM locations in 185 countries/territories worldwide.

What are the different variants in which RuPay card are available?

Asked 2018-06-29 13:29:49 by Anonymous -

Answered by NewsBytes

RuPay is available in Prepaid, Debit and Credit Cards Variants. In Debit, RuPay has- Classic and Platinum Debit Cards. In Credit, RuPay has- RuPay Classic, Platinum and Select Credit Cards.

Which Banks offer RuPay Card facility?

Asked 2018-06-29 13:29:32 by Anonymous -

Answered by NewsBytes

There are 700+ banks that issue RuPay Cards. There are more than 350 million cards issued till now. Please click here to know more about the banks that issue RuPay Card.

What do you mean by an Issuer Bank?

Asked 2018-06-29 13:29:12 by Anonymous -

Answered by NewsBytes

An Issuer is the Bank in which the cardholder has his/her account and holds RuPay Card issued by the Bank.

I want to get a RuPay Card for myself. What should I do?

Asked 2018-06-29 13:28:59 by Anonymous -

Answered by NewsBytes

You may request your bank to issue you a RuPay Card. Also, while filling the debit card request form, please ensure that you have selected "RuPay" as your preferred card scheme.

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