India has proved to be worthy of being called one of the biggest economies in the world. Tackling the problem of foreign-based Visa cards and Mastercards dominating the Indian economy and their high processing fees, the National Payments Corporation of India (NPCI) has come out with a range of cards called ‘RuPay’.
The RuPay card, which was launched back in 2012, successfully fulfills the Reserve Bank of India’s aspiration to have a domestic, open loop, and multilateral system of payments in the country. It facilitates electronic payment at all Indian banks and financial institutions and is steadily becoming a strong competitor of Mastercard and Visa in India.
Benefits: Owning a RuPay card has a number of benefits. Since the transaction is made domestically, the processing fee is low and therefore, the lower cost of transaction and clearing makes it highly affordable. Furthermore, it can be used in various payment getaways, ATMs, and a number of consumer websites for shopping online.
One of the major advantages of the introduction of RuPay has been its cheap and affordable cost which allows the banking facilities to reach the villages of India, thereby taking the card technology to remote areas.
Features: The RuPay card, like Mastercard and Visa cards, has a special chip technology which gives it the added security feature. This new card technology has seen a major boost through the Prime Minister’s ‘Jan Dhan Yojana’ as the cards were issued to all Jan Dhan accounts and are now widely being used by the Jan Dhan account holders.
How you can apply for one: One can apply for a RuPay card at Central Bank of India, State Bank of India, Bank of Baroda, Punjab National Bank, Bank of India, Union Bank of India, Punjab and Sind Bank, and Federal Bank. Go and get your very own RuPay card now!