All about RuPay debit card

RuPay is India’s first domestic card payment network of its sort, and it is widely accepted at ATMs, POS terminals, and e-commerce websites all over the country. It is a secure network that offers anti-phishing security. Because it is India’s unique initiative for card payments, the name, which combines the terms “Rupee” and “Payment,” highlights this. RuPay carries out the RBI’s goal of establishing a “cashless” economy. 

RuPay debit cards

Debit cards from RuPay are comparable to any other debit cards you may currently own. You can use them at any POS terminals and ATMs. Additionally, 10,000 e-commerce websites will accept them. All significant public sector banks, including SBI, have begun issuing these cards to each and every one of their clients. A high-tech chip called EMV (Europay, Master Card, and Visa), designed specifically for high-end transactions is also included with the card. A microprocessor circuit embedded in it also contains data on the cardholder. 

RuPay card advantages

The advantages of the RuPay debit card include the product platform’s flexibility, its widespread acceptance, and the strength of the RuPay brand, all of which will enhance the product experience.

• Offer undiscovered consumer segments with possibilities for electronic products:

In rural locations, there are consumer categories that are underserved or underdeveloped and do not have access to banking and financial services. Offering RuPay cards to customers would be more economically feasible for banks with the proper pricing of RuPay products. Additionally, appropriate product variations would guarantee that banks could reach the unreached consumer niches.

• Cheaper prices and accessibility:

The cost of clearing and settlement is lower per transaction because domestic transactions are processed domestically. This lowers transaction costs and encourages the use of cards in the sector. Utilising a RuPay card can lower these fees because processing will take place domestically, and deals will happen more quickly. 

• Interoperability between products and payment methods:

The RuPay card is strategically positioned to provide seamless interoperability across all payment methods and goods. NPCI is exceptionally well-positioned to support RuPay cards across these platforms as it presently provides a variety of solutions across platforms, including ATMs, mobile technologies, checks, etc.

• Offering specialised products:

Being a native programme, RuPay is dedicated to creating tailored product and service offerings for Indian consumers.

• Information on Indian consumers is protected

• Processing costs will be significantly lower for the RuPay card than for other debit/credit cards.

• SMS notifications – Users will receive notifications for each transaction done with this card.

Additional benefits of RuPay debit card

1. Consultancy services
2. Cashback for utility bill payments
3. Free entrance to domestic lounges at airports in India is provided, according to the list that is currently available. Domestic Lounge Access is now valid through March 31, 2018. Offer Specifics: Two visits per card, per calendar quarter. Payments must be made with a RuPay Platinum Debit card that is both eligible and valid. To assure authenticity, the lounge only charges a minimal amount of Rs. 2 immediately.

RuPay debit cards: Usage

• More than 8 million POS terminals and over 10,000 e-commerce sites accept RuPay debit cards.
• In India, every public, private, rural regional, and cooperative bank is issuing RuPay debit cards.
• Among the Indian banks that offer RuPay cards are Central Bank of India, Bank of India, HDFC Bank, State Bank of India, Union Bank of India, and Punjab National Bank.
• More than 1.8 lakh merchant terminals in India accept RuPay debit cards.
• The entire processing is carried out domestically. Compared to other debit cards on the market, this would guarantee speedier transactions.
• Public sector, commercial, cooperative, and rural banks all provide RuPay cards.
• The transaction fee that is levied against the merchant when you use RuPay cards is 0.01 percent.

Eligibility requirements for RuPay cards

• Customers with a simple savings account are eligible to receive a RuPay debit card. Additionally, you can create a PMJDY account (Prime Minister Jan Dhan Yojana).
• To obtain a RuPay debit card, you must have basic KYC documents, such as evidence of identification and address.

Documents needed to apply for a RuPay card

• Documentation of address
• Identification documentation
• 2 photos in passport size

Customers with accounts in the aforementioned banks may request a RuPay debit card by filling out a form at their local bank branch.

How to make online purchases with RuPay cards?

1. To use a RuPay card for any purchase, you must first register for e-commerce payments.
2. After logging in, a payment screen will show up. Choose the RuPay card as your method of payment here.
3. Enter your card information, including your card number, expiration date, and CVD (3-digit number on the back of your card).
4. Next, both your registered email address and registered cellphone number will send you an OTP.
5. Activate the OTP.
6. The next step is to choose a picture from a limited selection. It is necessary to keep the picture in mind for all upcoming transactions.
7. You must type a phrase of up to 40 characters and keep this phrase in mind for all upcoming transactions.
8. Finally, you must input your ATM Pin
9. In some banks, you register for the RuPay Premium PaySecure Service while a pop-up window advertising it is visible on the screen.

Difference between RuPay and Visa cards