RuPaY
About
- RuPay is the first-of-its-kind domestic Debit and Credit Card payment network of India.
- The name, derived from the words ‘Rupee and ‘Payment’, emphasises that it is India’s very own initiative for Debit and Credit Card payments.
- It is created by the National Payments Corporation of India.
- It was conceived to fulfil 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.
- It is made in India, for every Indian to take them towards a “less cash” society.
- It is a highly secure network that protects against anti-phishing.
| Anti-phishing refers to efforts to block phishing attacks. Phishing is a kind of cybercrime where attackers pose as known or trusted entities and contact individuals through email, text or telephone and ask them to share sensitive information. |
Benefits of RuPay Card:
The benefits of RuPay debit card are the flexibility of the product platform, high levels of acceptance and the strength of the RuPay brand-all of which will contribute to an increased product experience.
- Lower cost and affordability: Since the transaction processing will happen domestically, it would lead to lower cost of clearing and settlement for each transaction.
- 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.
- Inter-operability between payment channels and products: RuPay card is uniquely positioned to offer complete inter-operability between various payments channels and products.
About National Payments Corporation of India (NPCI)
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Why in News?
Prime Minister of India and Bhutan launched RuPay card Phase-II that will allow Bhutanese card holders to access RuPay network in India.
Reference:
- https://www.pib.gov.in/PressReleasePage.aspx?PRID=1674134
- https://www.thehindu.com/news/national/pm-modi-bhutanese-pm-to-jointly-launch-rupay-card-phase-ii-on-november-20/article33134619.ece
- https://vikaspedia.in/e-governance/digital-payment/cards-for-digital-payments/rupay
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