All about India's RuPay card

Business

21 Aug 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

How can I apply for a RuPay card?

My father is a farmer. Which one of the RuPay cards is better for him to carry out the farming activities?

What are the uses of RuPay Mudra Debit card?

Can I use Rupay card at the domestic airport?

Why should we use Rupay card?

What are the advantages of RuPay over visa?

More questions

How can I apply for a RuPay card?

Asked 2018-08-21 10:57:08 by Anonymous

Answered by NewsBytes

To apply for a RuPay card, visit its website, and enter your basic personal details in the application form. Choose the type of card you want and the bank in which you have your saving account. Finally, submit your form.

My father is a farmer. Which one of the RuPay cards is better for him to carry out the farming activities?

Asked 2018-08-21 10:55:57 by Anonymous

Answered by NewsBytes

A farmer can use RuPay Kisan card to take credit for both farming and non-farming activities. The benefits of Kisan card are (1)Credit requirements can be met by this card, (2)There is no entry fee for the farmers, (3)The farmers don't have to personally visit the card issuing bank to operate their account, (4)Interest rate is low, and(5)Repayment duration is high.

What are the uses of RuPay Mudra Debit card?

Asked 2018-08-21 10:53:20 by Anonymous

Answered by NewsBytes

The RuPay Mudra Debit Card is meant for the beneficiaries of MUDRA Loans under the government's Pradhan Mantri Mudra Yojna. It is issued against the MUDRA loan account. The MUDRA cardholders can use it for multiple withdrawal and credit, so as to manage the working capital limit in a most efficient manner and to keep the interest burden minimum.

Can I use Rupay card at the domestic airport?

Asked 2018-08-21 10:37:19 by Anonymous

Answered by NewsBytes

Yes, you can use RuPay Card at the Domestic Airports. It can be used at Domestic Airport Lounges. The type of RuPAY card you will use to access the lounge is the Platinum Card.

Why should we use Rupay card?

Asked 2018-08-21 10:31:43 by Anonymous

Answered by NewsBytes

We should use the RuPay card because (1) It was launched in India to break the monopoly of international card network i.e. MasterCard and Visa, (2)It comes with a lower transaction cost, (3)The transactions information remains in India, (4) It is accepted at 1 .45L ATMs, over 8.75L POS terminals, and 10,000+ e-commerce websites, (5)It provides accidental insurance coverage up to Rs. 1 lakh.

What are the advantages of RuPay over visa?

Asked 2018-08-21 10:28:54 by Anonymous

Answered by NewsBytes

The advantages of using RuPay cards are (1)It is cheaper compared to Visa and MasterCard as it has low cost of transactions, (2)All the information regarding the transactions remains within India only, (3)People in rural areas can also apply for this, and (4)RuPay cardholders get accidental insurance coverage up to Rs.1 Lakh without any extra cost.

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