The National Payments Corporation of India (NPCI), an RBI-backed channel for all retail payment systems, introduced RuPay (derived from ‘Rupee’ and ‘Payment’) in 2012, a domestic card payment network. RuPay cards are touted as a strong competitor for MasterCard and VISA cards in India. Since RuPay is a domestic gateway, it can easily offer low transaction charges to Indian cardholders. India’s Government encourages using RuPay debit cards and credit cards for transactions. The government has also collaborated with national and international banks to issue these cards.
Read on to know more about RuPay debit cards!
The RuPay debit card is a financial tool that you could use for daily transactions. You can visit a bank where you have an account and ask the officials to issue a RuPay debit card. Of course, there are eligibility parameters that you have to meet to get a RuPay debit card – more on this later.
This card is linked to your bank account, just like VISA or MasterCard-powered debit cards. You can use a RuPay debit card for the following purposes:
A RuPay debit card enables cardholders to make payments to merchants when they buy any goods or avail of any service from the merchant. RuPay debit cards work just like any other debit card that you may hold.
These cards come with advanced technology-powered EMV chips that are designed for high-end and quick transactions. The cards also contain an embedded microprocessor circuit that holds the cardholder’s information. If you are a RuPay card holder, you can use this card across the various ATMs and point of sale terminals in India. Furthermore, it is accepted on major e-commerce websites like Amazon and Flipkart.
Here are a few differences between a RuPay debit card and a VISA debit card:
|RuPay Debit Card
|VISA Debit Card
|Domestic payment gateway
|International payment gateway
|Transactional charges are comparatively lower
|High transactional charges
|Available in rural and cooperative banks
|International VISA debit cards don’t include smaller banks
|Faster verification process
|Slower verification process
Here are the different types of RuPay debit cards:
1. RuPay Platinum Debit Card
The platinum card offers an array of hand-picked privileges to its users. It is carefully designed to provide exclusive benefits for the convenience of its users. The various benefits that the RuPay Platinum debit card offers are as follows:
2. RuPay Classic Debit Card
This is an all-purpose card which eliminates the hassle of carrying cash. Moreover, it is extremely suitable for both online and offline purchases. Some of its benefits are as follows:
3. RuPay Select Debit Card
RuPay Select is an exclusive debit card designed for transactions with top-tier merchants. With this card, individuals can get access to sought-after gyms and wellness centres. The benefits of this card include:
4. RuPay PMJDY Debit Card
The RuPay PMJDY (Pradhan Mantri Jan-Dhan Yojana) card is issued to individuals who have opened accounts under the Pradhan Mantri Jan Dhan Yojana (PMDJY) – a National Mission for Financial Inclusion scheme that aims to encourage inclusivity and accessibility in the financial services sector. Key benefits include:
5. RuPay Mudra Debit Card
As part of the Pradhan Mantri Mudra Yojana (PMMY) scheme, all beneficiaries of Mudra Loans are eligible to avail of the RuPay Mudra Debit Card. The Pradhan Mantri Mudra Yojana Scheme aims to offer a working capital facility as a cash credit arrangement to the account holder. Some of the benefits of this card include:
6. RuPay PunGrain Debit Card
This RuPay debit card is issued to Arthiyas who have an account under the PunGrain scheme. Arhtiyas are middlemen who facilitate the transaction between farmers and the actual buyers. Some of the benefits of this card include:
One of the major advantages of RuPay debit cards is that the processing fee is affordable as the transaction processing happens domestically. As a result, it leads to a lower cost of settlement and clearing for every transaction. Here are some of the important benefits of a RuPay debit card:
|18 – 65 years
|Must have a bank account
The following are the documents required for processing a RuPay debit card application
Here is the list of banks that issue RuPay debit cards:
|Public Sector Banks
|Private Sector Banks
|Punjab National Bank
Bank of India
State bank of India
Central Bank of India
Bank of Maharashtra
Bank of Baroda
Punjab and Sind Bank
Oriental Bank of Commerce
Union Bank of India
|Karur Vysya Bank
Kotak Mahindra Bank
South Indian Bank
Lakshmi Vilas Mittal Bank
Tamilnad Mercantile Bank
Follow these steps to apply for a RuPay Debit Card:
Step 1: Visit your nearest bank branch and meet the representative
Step 2: Fill out the RuPay Debit Card application form
Step 3: Provide all your KYC documents
Step 4: Bank will verify the details
Once verified, you will get your Rupay debit card within 2 to 3 working days
On the other hand, if you want to apply online for a RuPay debit card, you need to visit the bank’s official website and check if the bank offers RuPay debit cards. Then, if the bank is issuing RuPay debit cards, apply on the bank’s website. Once you complete the application procedure, the bank’s representative will contact you to complete the necessary steps.
RuPay card can be used at any of the following channels:
ATM – To withdraw funds
POS – Grocery and Fuel station
E-commerce – Prepaid Recharge and Railway booking (IRCTC)
RuPay is performing well in the increasing plastic money market, which the international payment services have dominated. It caters to the needs and requirements of the Indian population. A RuPay debit card allows individuals to withdraw money and use it for merchant payments anywhere across the country. Some banks that issue the RuPay debit card are Punjab National Bank, IDBI Bank, Federal Bank, HDFC Bank, etc.
Ans: The validity period of a RuPay debit card is 10 years. After 10 years, you need to reapply for a new card.
Ans: The CVV or Card Verification Value is a three-digit number printed on the back of the card. It is a security feature that ensures that the client has his or her card at hand when he/she is placing an order through a device on the internet.
Ans: The documents required to apply for a RuPay debit card are as follows:
– Identity proof: Voter ID, Aadhaar card, PAN card, passport, driving license
– Address proof
– Passport size photographs
The payment gateway company called CCAvenue processes transactions done through a RuPay debit card.
Ans: You can use the IRCTC RuPay Prepaid debit card to book train tickets on IRCTC. You need to reload your card before using it and recharge it anytime when required. Furthermore, this card can exist both physically and virtually
All RuPay Global cards can be used for International transactions. However, there are a few select gateways you need to look into to carry out international transactions. NPCI, to enable the RuPay Debit Card for international payment, partnered with Discover Financial Services, JCB International Co. Ltd. and UnionPay International Co. Ltd. You can use the Rupay debit card for international payment where you will see the DinerClub, Discover or JCB Logo.
Ans: RuPay debit card has the following data protection features embedded
– EMV Chip Card
– OTP Protection for online transaction
– ATM PIN protection for POS Transaction
– RuPay Hologram for card authenticity
– FRM protection by NPCI.
Before you go…
Mutual Fund investments are subject to market risks, read all scheme-related documents carefully.
This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.
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