Everything you need to know about Indian payment network RuPay www.deekpay.com

What is RuPay

RuPay byNational Payments Corporation of Indialaunched in , byReserve Bank of India (RBI)-initiated Native Cardpayment network. It is a financial services and payment services system that was launched in 2012 and in 2014 was specifically geared towards theIndiaThe name comes from the fusion of "rupee" and "payments". Its name derives from the fusion of "rupee" and "payments" and it aims to bring India into the global payments market through its home-grown card facilities.

RuPay operates exclusively in India and allows RuPay cardholders to use ATM withdrawals, Internet transactions and card payments. RuPay cards offer lower operating costs and faster processing times than Visa and MasterCard, and are available in urban and rural areas throughout India.

RuPay is India's first homegrown card payment infrastructure, widely used in ATMs, point-of-sale terminals and e-commerce platforms. A super-secure system that also prevents phishing, RuPay makes the Reserve Bank of India's goal of a cashless economy a reality.

RuPay is the national payment company of India (NPCI), which oversees retail payments in India. The Reserve Bank of India (RBI) and the Indian Banks Association (IBA) have been authorised to establish a secure electronic settlement system in India. Due to the nature of NPCI's endeavours and objectives, it has been categorised as a 'not-for-profit company' under Section 25 of the Companies Act, 1956 and more recently under Section 8 of the Companies Act, 2013. The project aims to create the necessary financial infrastructure to help India transition to a "cashless economy".

Why RuPay

The launch of the RuPay card enhances the realisation of the goal of a cashless India. Building a cashless economy requires financial inclusion and RuPay's entry into rural India has boosted digital payments in India through the Pradhan Mantri Jan Dhan Yojana programme. According to data analysed by PMJDY, in 2020 alone, 258 million RuPay debit cards were issued by public sector banks in India under the Government of India's financial scheme. From 15% in 2017 to over 60% in 2020, RuPay's market share in India continues to grow at an accelerated pace.

In addition, without their own payment networks, domestic Indian banks were forced to pay high franchise fees to multinationals such as MasterCard and Visa. As a result, NPCI set up a not-for-profitIndia Paymentscompany that aims to build an affordable and accessible payment network for Indians.

Where to use RuPay

The RuPay card can be used at all ATMs, POS machines and domestic online and offline shopping in India. RuPay cards cannot be used internationally except at Discover Financial Service (DFS) and Diner enabled ATMs, POS and e-commerce sites. Currently, RuPay Global cards can be used at over 42.4 million POS locations and over 1.9 million ATM locations in more than 185 countries.

History of RuPay

Over the past seven years, RuPay has introduced several versions of the card to appeal to different social groups. Apart from the government scheme cards, the RuPay Classic, Platinum and Select variants cater to both mass and affluent customers. RuPay offers great privileges and benefits such as domestic and international airline priority passes to appeal to mass and elite customers. RuPay has created a new set of revolutionary solutions such as RuPay Contactless. RuPay is internationally recognised and offers personalised accidental death and total disablement insurance, a variety of cashback schemes, merchant incentives and health and wellness benefits. RuPay Contactless revolutionises payment by offering offline wallet payment methods and a service area feature for storing merchant/operator specific applications. RuPay realises the concept of one card for all payment systems. The RuPay solution allows for smooth payments in all use cases, including transit, retail purchases and acquisitions on the country's many metro and other public transport systems.

RuPay Card

In India, the RuPay card has become an important competitor to VISA and MasterCard. The Payment and Settlement Systems Board of India was established in 2005 when the Reserve Bank of India recognised the need to consolidate all payment systems under one channel. RuPay was established in 2012 by the NPCI, which is backed by the Reserve Bank of India. Since then, the RuPay card has grown rapidly and is fast becoming a popular choice for Indians.

RuPay Debit Card Features

The RuPay debit card has several unique features that set it apart from other debit cards on the market.

The RuPay debit card is recognised on more than 10,000 e-commerce websites and over 800,000 payment terminals. RuPay debit cards are approved at around 180,000 merchant outlets in India. All RuPay Debit Card transactions are conducted within India. RuPay Debit Card transactions are faster as compared to other debit cards available in the market. RuPay cards are offered by government, private, co-operative and rural banks. Merchants are only charged a transaction fee of 0.01% for purchases made with the RuPay card. Features of RuPay Credit Card

The Central Bank of India and the Indian Banks' Association use the RuPay network to provide a secure and reliable electronic payment process across India, enabling the Reserve Bank of India to achieve its goal of a paperless society.

Launched in June 2017, RuPay Credit Card allows individuals to securely purchase goods and services from participating merchants in India and abroad. Currently, more than 700 banks in India issue RuPay cards and more than 350 million cards have been issued so far. There are three main types of RuPay credit cards: RuPay Select, RuPay Platinum and RuPay Classic. Reasons to choose a RuPay card The entire transaction process of RuPay takes place within India. As a result, the transaction costs are quite low as compared to other debit cards available in the market (MasterCard and Visa). The RuPay card can be used by people with limited or no access to financial services and can also be used in rural areas. NPCI plans to sell contactless credit, Europay, MasterCard, Visa (EMV) and debit cards under the RuPay name. Train tickets can be easily booked using IRCTC RuPay Prepaid Card. The high transaction and withdrawal limits of the RuPay debit card will be of great benefit to the customers. How to use your RuPay card for online transactions

NPCI offers the RuPay Debit Card which allows customers to manage online transactions. When using your RuPay debit card online for the first time, please follow these steps:

Step 1: In order to use your RuPay card for any purchase, you must first register for e-commerce payments.

Step 2: Once registered, you will be taken to the payment screen. Select RuPay Card as the preferred payment method.

Step 3: Enter card details including card number, expiry date and CVV.

Step 4: The customer will receive an OTP on the registered mobile number and email address.

Step 5: Enter the One Time Password (OTP).

Step 6: After that, the client must select a picture from a small collection. The picture must be remembered for all future transactions.

Step 7: The customer must enter a combination of no more than 40 characters; remember this combination for future transactions.

Step 8: Finally, enter the ATM PIN.

Step 9: In some banks, a pop-up window appears on the screen and the customer is registered when he/she performs the transaction.

For the following transactions, please use the following format:

All card information must be entered on the payment page, including card number, CVD and expiry date. The correct image saved in the first transaction must also be found. The correct phrase used in the registration must also be provided. To complete the transaction, enter the correct PIN. Advantages of the RuPay Card

RuPay is specially designed by the Reserve Bank of India to meet the needs and expectations of Indian customers. Here are some of the advantages of spending with RuPay.

Customer data and transaction details related to RuPay Card transactions are not transferred outside India. RuPay cardholders are assured of the security of their transactions. RuPay cards are customised in terms of products and services. RuPay card transactions are processed exclusively within India, allowing for greater coverage in rural areas. Settlement and clearing costs for transactions using RuPay debit cards are lower. Lower transaction processing costs for banks. Consumers in rural areas can quickly apply for and receive a RuPay card. The RuPay debit card is designed to be fully interoperable across all payment channels, including mobile technology, ATMs and cheques. Eligibility for a RuPay Card

To obtain a RuPay card, the following conditions must be met:

RuPay debit cards are issued by all public, commercial, regional rural and co-operative banks in India. RuPay cards are offered by HDFC Bank, Union Bank of India, Central Bank of India, Punjab National Bank, Bank of India and State Bank of India, among others. Customers with a simple savings account can get a RuPay debit card and can also set up an account using the PMJDY scheme. To obtain a RuPay debit card, standard KYC documentation is required, including proof of identity and proof of residence.

Below are the documents required to apply for a RuPay card:

Proof of address. Proof of identity. Two passport-size photographs.

Consumers with accounts at the above banks can obtain a RuPay debit card by completing the necessary paperwork at their local branch.

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