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September 03, 2015

Banking Awareness : Important Points you should know about RuPay Cards

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Hi friends, I am Shravan. Here I am sharing some Important Details of RuPay Cards taken from News Papers. These will be useful for upcoming IBPS Bank Exams. Happy Reading :)

Important Details of RuPay Cards

  • RuPay is a combination of two words — Rupee and Payment.  
  • RuPay Card is an Indian version of credit/debit card. 
  • It is very similar to international cards such as Visa/Master. 
  • RuPay is the Indian domestic card payment network set up by National Payments Corporation of India (NPCI) at the behest of banks in India with the approval of Reserve Bank of India. 
  • It is created to fulfill the Reserve Bank of India's desire to have a domestic, open loop, and multilateral system of payments in India. 
  • RuPay facilitates electronic payment at all Indian banks and financial institutions, and comp-etes with Master Card and Visa in India. 
  • NPCI maintains ties with Disc-over Financial to enable the card scheme to gain international acceptance. 
  • National Payments Corporation of India (NPCI) has a plan to provide a full range of card payment services including the RuPay ATM, RuPay Micro ATM, Debit, Prepaid and Credit Cards which will be accepted in India and abroad, across various channels like POS, Internet, IVR and mobile etc. 
  • The initial focus of NPCI would be to approach those banks who have not been issuing any payment card at all more specifically — Regional Rural Banks (RRBs) and urban co-operative banks. 
  • RuPay cards are accepted at all automated teller machines (A T-Ms) across India under National Financial Switch, and under the NPCI's agreement with DFS. RuPay cards are accepted on the international Discover network. 
  • According to the data published by National Payments Corpora-tion of India, there are around 145270 ATMs and more than 875000 Point of Sale (PoS) terminals in India under the RuPay platform. 
  • In addition to theATMs and PoS terminals, RuPay cards are acce-pted online on 10,000 e-comme-rce websites with the same AN which they use for ATM transa-ctions. 
  • RuPay cards are accepted at all PoS terminals in India. 
  • To en-able this, RuPay has certified 29 major banks in India to accept the RuPay card at their respective PoS terminals located at different merchant locations. 
  • NPCI has rolled out its chip card for high security transactions using EMV (Europay, Master-Card and Visa) chip technology, which is a global standard for debit and credit cards. 
  • RuPay chip cards have an embedded microprocessor circuit contain-ing information about the card holder and because transactions are AN-based rather than signa-ture-based. 
  • RuPay also provides a unified "Kisan Card", issued by banks across the country under Kisan Credit Card, enabling farmers to transact business on ATMs and PoS terminals.
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