What is RuPay Card?
RuPay Card, a combination of words Rupee and Payment, is an Indian Version of International Cards such as Visa Card, Master Card etc. with a little difference that it can only be used for domestic payments. It is launched by National Payments Corporation of India (NPCI) with a view to integrate electronic payment system in India.
How RuPay works?
RuPay card works just like any other debit card. It can be used to withdraw money from at the 1.45 lakh ATMs and do shopping offline at 8.75 lakh POS terminals across the country. It will also be accepted to do shopping online on 10,000 e-commerce websites. Maximum Amount which can be withdrawn in one day or at any one ATM is Rs.25,000.
A high end technology chip named EMV (Europay, Master Card and Visa) and a micro processor circuit containing information about the card holder are embedded in RuPay Debit Card especially for high end transactions.
All the Major public banks such as Bank of Baroda, State Bank of India etc. have already rolled out RuPay Debit Card. The Complete list of Bank can be found HERE.
How transaction is processes?
What are the benefits of Using RuPay Debit Card?
Apart from instant alerts and access over every ATM, RuPay Debit Card has few more benefits:
1. Lower Cost and Affordability
Since RuPay is valid is India only, all the transactions are settled in India thus lowering the cost of clearing and cost of settlement.
2. Secrecy of Personal Data
All the transactions done via RuPay Card are processed within India only thus the personal data of customer will remain in India.