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RuPay-Card-and-their-benefits

 

RuPay Card and their benefits

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Introduction-

RuPay card scheme launched by the National Payments Corporation of India (NPCI) has been conceived to fulfill RBI’s vision to offer a domestic, open-loop, multilateral system which will allow all Indian banks and financial institutions in India to participate in electronic payments.


RuPay Card, a product of National Payments Corporation of India (NPCI), is an Indian version of credit and debit cards and has been designed to address the needs of Indian consumers, merchants and banks. Presently ten core promoter banks (State Bank of India, Punjab National Bank, Canara Bank, Bank of Baroda, Union bank of India, Bank of India, ICICI Bank, HDFC Bank, Citibank and HSBC). It has been incorporated as a Section 25 company under Companies Act and is aimed to operate for the benefit of all the member banks and their customers.


“With RuPay Credit Cards, you not only enjoy the freedom of convenience and security but also get used to the privileges of a luxurious living”

 

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Benefits of RuPay Card-
  • Lower cost and affordability- Since the transaction processing will happen domestically, it would lead to lower cost of clearing and settlement for each transaction. This will make the transaction cost affordable and will drive usage of cards in the industry.
  • Customized product offering- RuPay, being a domestic scheme is committed towards development of customized product and service offerings for Indian consumers.
  • Protection of information related to Indian consumers- Transaction and customer data related to RuPay card transactions will reside in India.
  • Provide electronic product options to untapped/unexplored consumer segment- There are under-penetrated/untapped consumers segments in rural areas that do not have access to banking and financial services. Right pricing of RuPay products would make the RuPay cards more economically feasible for banks to offer to their customers. In addition, relevant product variants would ensure that banks can target the hitherto untapped consumer segments.
  • Inter-operability between payment channels and products- RuPay card is uniquely positioned to offer complete inter-operability between various payments channels and products. NPCI currently offers varied solutions across platforms including ATMs, mobile technology, cheques etc and is extremely well placed in nurturing RuPay cards across these platforms.
  • Accidental Insurance for RuPay ATM cardholders- All RuPay ATM-cum-debit cardholders are presently eligible for accidental death and permanent disability insurance cover.
 



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