Skip to main content

RuPay Debit Card

 

What is RuPay Debit Card

National Payment Corporation of India (NPCI) promoted by RBI on 26 March 2012 launched an Indian payment gateway system as an alternate solution to Mastercard and Visa which are widely used across the world and have dominance even in India.

RuPay Card India

RuPay Card Logo

As of now RuPay debit card has been issued. Processing of RuPay card is done by the payment gateway company CCAvenue which powers more than 80% of eCommerce merchants in the country. Card issuing banks will have to pay fees for every transaction to the company which will setup machines and thus generate revenues.

RuPay Card Advantages

1) Accepted at around 1,45,270 ATMs.

2) Acceptance by over 8,75,000 point-of-sale (PoS) terminals

3) Over 10,000 E-commerce sites have added RuPay is one of the payment method. For e.g. coke2home.com, justrechargeit.com and futurebazaar.com now accept this card.

4) Accepted at around 1.8 lakh merchant terminals in India out of the current 8 lakhs

5) Transaction fee charged to the merchant is 0.01%

6) Transaction limit is very high. Of course this will vary from bank to bank

7) Customers will get SMS alert for every transaction done through their card

 

Disadvantages

1) Visa and Mastercard provides rewards points and at this stage there is no such update on the reward points system by RuPay card

2) No updates available on issuance and annual fees.

 

Application – How to Get RuPay Card

Indian consumers can apply for RuPay Cards at the public banks and private sector banks. And is also issued by over 200 co-operative and rural banks in the country. Here's the list of few these banks where application of RuPay cards can be made:

1) Public sector banks: For easy access, wherever possible links to the bank website are mentioned below:

 

2) Private Sector banks: Federal bank is first private sector bank in India to launch RuPay card. Click latest news by bank here

Existing customers having savings or current bank accounts in any of these banks can apply for RuPay card. Recently Indian government has asked public banks to issue RuPay card to their existing customers and install terminals which can accept this payment. However this does not mean these banks will stop issuing Visa and Mastercards. But government is stressing on giving more focus to country's own card.

Benefits of Launching RuPay Card

With an aim of not to generate profit at this stage, following are the main reasons to launch RuPay debit card

1) Reducing the cash usage

2) Very cost effective: Transaction cost is very less as compared to internationally used Visa and Mastercard since the whole process will take place within India. So Indian banks have to pay fees in Rupees to international payment companies and thus saving on foreign currency.

3) Cost of clearance would be low due to processing within India

4) Reduced dependence on card systems currently used worldwide

5) Huge savings to Indian consumers

6) As all the transaction data would be available in India and thus prevent customer purchase data going out of the country

7) People with no or limited access to banking and financial services can easily avail the cards as they would be available in rural areas as well

Do you know about cardless cash withdrawal, a new service offered by Indian banks?

Statistics So Far

1) Since it's launch in 2012, over 20 million RuPay cards have been issued

2) Backed by consortium of Indian banks

3) By 2014, target is to issue 10 million and this won't be possible unless banks take speedy action on this.

Plans Ahead:

1) NCPI has outlined their plan for future for launching EMV cards

2) Contact less cards

3) Credit cards

Local Cards by Other Countries:

Many countries have created their own payment firms such as China (UnionPay), Singapore (AsiaPay) and Brazil(allpago)

Invest Rs 1,50,000 and Save Tax under Section 80C. Get Great Returns by Investing in Best Performing ELSS Mutual Funds

Top 10 Tax Saving Mutual Funds to invest in India for 2016 or Best 10 ELSS Mutual Funds in india for 2016

1. BNP Paribas Long Term Equity Fund

2. Axis Tax Saver Fund

3. Franklin India TaxShield

4. ICICI Prudential Long Term Equity Fund

5. IDFC Tax Advantage (ELSS) Fund

6. Birla Sun Life Tax Relief 96

7. DSP BlackRock Tax Saver Fund

8. Reliance Tax Saver (ELSS) Fund

9. Religare Tax Plan

10. Birla Sun Life Tax Plan

Invest in Best Performing 2016 Tax Saver Mutual Funds Online

Invest Online

Download Application Forms

For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call

---------------------------------------------

Leave your comment with mail ID and we will answer them

OR

You can write to us at

PrajnaCapital [at] Gmail [dot] Com

OR

Leave a missed Call on 94 8300 8300

Popular posts from this blog

ICICI Pru Mutual Fund Dividend

ICICI Prudential Mutual Fund has announced dividend under the following schemes: Scheme Dividend ( Rs /unit) ICICI Pru Capital Protection Oriented Ser V Plan B-D 0.03611325 ICICI Pru Capital Protection Oriented Ser V Plan B Direct-D 0.03611325 ICICI Pru Balanced Advantage Direct-DM 0.06 The record date has been fixed as February 08, 2017. ------------------------------ ------ Invest Rs 1,50,000 and Save Tax upto Rs 46,350 under Section 80C. Get Great Returns by Investing in Best Performing ELSS Funds Top 4 Tax Saver Mutual Funds for 2017 - 2018 Best 4 ELSS Mutual Funds to invest in India for 2017 1. DSP BlackRock Tax Saver Fund 2. Invesco India Tax Plan 3. Tata India Tax Savings Fund 4. BNP Paribas Long Term Equity Fund Invest in Best Performing 2017 Tax Saver Mutual Funds Online Invest Best Tax Saver Mutual Funds Online Download Top Tax Saver Mutual Funds  Application Forms For further information contact  SaveTaxGetRich on 94 8300 8300 ------------------------------ ------ Leave y...
Read more

What is Financial Freedom?

Invest In Tax Saving Mutual Funds Online Download Tax Saving Mutual Fund Application Forms Buy Gold Mutual Funds Call 0 94 8300 8300 (India)     There were many things common between our Freedom fighters. All had the Single vision (Free India), common goal (independence) and had a disciplined and focused approach. They were ready to do anything and everything and had made so many sacrifices to see India free . But the road to freedom was not easy .They had faced lot many hardships, went to jail so many times and even confronted physical and mental torture from the British. There was one more thing which proved to be an advantage to our fighters that most of them were professional lawyers. The knowledge of legal issues and its impact on our country at large has helped them counter various bills and proposed new laws by the then government. It is due to their continuous effort that we are able to achieve the goal of Independent Indi...
Read more

Hidden Bank Fees

  What Banks Hide From Customers Imagine after a peaceful and exciting holiday you receive your bank statement with steep charges. You then rush to your bank and start confronting staff members and to your dismay, you come to know that the high end debit card was charged very heavily. Wouldn't this cause damage to your finances? So remember, the world outside is full of deceptive and double cheating people. Unethical practices are always used by company sales person in order to meet the target. Credit card companies, mutual funds and bank institutions always play dirty tricks to lure customers and the practices are rampant. So here's how you should be careful while dealing with your banks: High End Debit Card Charges While opening an account with a bank you opt for a debit card with minimal charges. But later on when you upgrade your card and opt for high end debit card the annual charge rise by a good amount. Though such a card has slew of features but it all comes at a high ...
Read more

Updating a minor PAN card upon becoming adults

  Updating a minor's PAN card once they become adults A PAN card issued in the name of a minor does not contain the minor's photograph or signature, and therefore, cannot be used as a valid proof of identity. Once a minor PAN card holder turns 18, the relevant changes must be made in the PAN records. A new card is then issued bearing a photograph and signature. Application The applicant is required to fill up the "Request for new PAN card andor changes or correction in PAN data" form. The form can be filled up online by accessing NSDL's Tax Information Network website and clicking on the online PAN application tab. Information The applicant must mention the existing PAN number in the application and check the `photo mismatch' and `signature mismatch' boxes, and submit the online form. The form must also be printed out, signed by the applicant, and submitted along with two photographs. Documents Identity and address proof in the form of a copy of the app...
Read more

Partial withdrawal from PPF

  Public Provident Fund (PPF) account has a lock in period   If you opened a PPF account to meet your retirement needs,, think twice about withdrawing from this fund before retirement. But provided it's an emergency here are the rules. Public Provident Fund (PPF) account has a lock in period before which you cannot withdraw your money.   The partial withdrawal is allowed after the completion of 6 financial years . This means that you will be allowed a partial withdrawal from 1 April 2017. The maximum partial withdrawal allowed is the least of the following: 50 percent of the account balance at the end of fourth financial year, 31 March 15 50 percent of the account balance of the end of previous financial year, 31 March 17.   There's a loan option available on your PPF account between the fourth and the sixth financial year. You can obtain a loan of up to 25 per cent of the balance in your account. However, this will attract interest of 2 percent more than the prevailing ...
Read more
Related Posts Plugin for WordPress, Blogger...
Invest in Tax Saving Mutual Funds Download Any Applications
Transact Mutual Funds Online Invest Online
Buy Gold Mutual Funds Invest Now