National Payments Corporation of India (NPCI) had launched RuPay which is an Indian domestic card scheme. RuPay has been conceived keeping in mind the fact that India is one of the largest economies in the world and offers huge potential for card penetration. People these days prefer using cards to pay their bills instead of cash as it is more convenient. The foreign-based Mastercards and Visa cards are popular in the Indian markets and they are expensive, too.
NPCI had initially launched the IndiaPay, but the name was later changed to RuPay. The two words, Rupees and Payment are combined to form the word RuPay, which is parallel to both Master and Visa cards.
The Prime Minister of India is planning to introduce this card, which is specially made for the Indian population, to the International market. The new account holders will be getting these new RuPay cards and the latest Jan Dhan Yojana is facilitating it. Like the Master and the Visa cards, the RuPay card has a special chip technology which offers more security feature.
There are some advantages and special benefits for the users of the RuPay cards.
RuPay Card Benefits
• As it is a domestic product, RuPay provides customised products for the Indian customers.
• As the processing and transactions take place domestically, the cost of transaction and clearing will be lower. This will also lead to a surge in usage of cards in the industry.
• Information of the consumer is required during transaction. The use of these cards will secure the information of the consumer within the country.
• RuPay card will enable banking facilities to reach the villages in India. As the RuPay product is affordable, the usage of these cards will be economically beneficial for the banks to target their untapped customers.
• It can very easily be operated across several ATMs and various other payment gateways like mobile technology, cheques, different consumer sites for online shopping, among others.