As Indian Railways announced plans to launch RuPay pre-paid debit card, one may wonder what actually are these cards? RuPay card is India's own payment gateway arrangement that works just like other International debits cards like Visa and Master Card. RuPay Card initiative is taken by the National Payments Corporation of India (NPCI) in the country.
Benefits of RuPay Card
- Being of an Indian origin, RuPay card will come light on a user's pocket in terms of processing fees for transactions carried out domestically. Low cost of the transaction and efficient clearing places RuPay card among affordable range of cards.
- Payments are processed within India for RuPay cards. Hence the transactions will be faster and easier than other cards.
- RuPay cards aim to ensure security of consumer's information. Hence it prevents unauthorized access to a user's profile or his transaction.
- These cards could easily be used across a number of ATMs, outlets and for online shopping.
- RuPay invented in India is an appropriate product for domestic users for its highly customized features.
- The card contains an EMV chip (Europay, Master, and Visa), which is particularly useful for high-value transactions. Moreover, the microprocessor circuit embedded in the card contains information about the user.
- A user transacting through RuPay card will automatically receive SMS alert for each transaction so that the card holder could keep a check on any unauthorized use.
The card has already started gaining traction in India while Prime Minister Narendra Modi aspires to extend this card to the International markets. The card has not earned international acceptance as of now, but the Indian government has partnered with Discover Financial Services and Japan Credit Bureau (JCB) in this direction. Currently, a number of online sites and government bodies have started to accept payments made through RuPay Card.