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All That You Need To Know About RuPay Debit Card Research Team | Posted On Wednesday, July 25,2018, 05:30 PM

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All That You Need To Know About RuPay Debit Card




You must be well familiar with Mastercard and Visa the two American Companies widely accepted in over 200 countries. Mastercard and Visa are involved in processing payments between the card issuing banks and the banks of merchants.

If you just hold the debit card or credit card in your hand and take a close look, you will see Mastercard and Visa written on it. Every time you swipe your card at a POS, Mastercard and Visa make some money.

While Mastercard and Visa are famous across the World, did you know that India has its very own RuPay? RuPay is India’s very own indigenous card scheme created by the National Payments Corporation of India popularly called NPCI. NPCI is the umbrella Organization for all retail payments in India.

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All That You Need To Know About RuPay Debit Card


RuPay is India’s domestic debit and credit card payment network, and is widely accepted at ATMs, POS devices and even e-commerce websites. RuPay gets its name from ‘Rupee’ and ‘Payment’. RuPay is India’s answer to Mastercard and Visa and with this card; India can hold its head high as citizen’s gain unrestricted access to e-payment services.


1. What is RuPay?


RuPay is India’s very own domestic payment network built on the lines of International payment networks like MasterCard, Visa, Diner’s Club and American Express.

RuPay collaborates with over 600 International, regional and local banks across India. Take a look at the 10 core promoter banks of RuPay which are SBI, PNB, Canara Bank, BOB, UBI, BOI, ICICI Bank, HDFC Bank, Citibank and HSBC.

RuPay is a product of NPCI and helps RBI and Indian Bank Association (IBA) create a secure electronic payment and settlement system in India.

RuPay serves a very important purpose. It promotes financial inclusion in India. It aids cashless transactions as India aims to become a less cash economy.

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2. Types of RuPay Debit Cards in India


RuPay Debit Card: With the RuPay debit cards you can carry your savings bank account anytime, anywhere. You can shop, pay bills online and transact in an easy and secure way.

RuPay Platinum Debit Card: You get welcome benefits like gift vouchers when you avail the RuPay Platinum Debit Card. You can avail a hassle free travel experience with access to more than 30 domestic lounges. A lounge is a place or a club where you can sit and eat in a relaxed manner.You can also pay utility bills and enjoy cash backs. You enjoy comprehensive insurance cover up to Rs 2 Lakhs. You get to enjoy exclusive merchant offers both at POS and e-commerce sites.

RuPay Classic Debit Card: You can get the benefit of comprehensive accident insurance cover up to a Lakh with the RuPay Classic Debit Card. You enjoy total disability cover up to a lakh. You also enjoy exclusive domestic merchant offers.

RuPay PMJDY Card: You must be familiar with the Pradhan Mantri Jan Dhan Yojana popularly called PMJDY, which is a financial inclusion scheme launched by Prime Minister Narendra Modi on August 28th 2014. PMJDY is a zero balance SB account and you earn interest on the money deposited under this scheme. You are given a RuPay PMJDY Card with the account opened under the PMJDY scheme.You enjoy free life insurance cover up to Rs 30,000 and free accident cover up to a lakh with the PMJDY account. Any Government subsidies availed are transferred directly to your PMJDY account. You get an overdraft facility of Rs 5000 (Loan given which has to be repaid), which is available to only 1 member of a particular family.

RuPay Mudra Debit Card: You must be familiar with the Pradhan Mantri Mudra Loan Yojana. Micro Units Development and Refinance Agency also called MUDRA, supports Micro Enterprises in India. Mudra has schemes like “Shishu”, “Tarun”, and “Kishor”. Micro units which require funding up to Rs 50,000 in value are funded under the Shishu scheme. Micro units which require funding between Rs 50,000-5 Lakhs are funded under the Kishor scheme. Micro units which require funding between Rs 5 - 10 Lakhs are funded under the Tarun scheme. You get the RuPay Mudra Debit Card when you open an account under the Pradhan Mantri Mudra Loan Yojana.


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3. Benefits of RuPay Debit Cards


  • Lower transaction/processing fees compared to Visa/Mastercard: Visa and Mastercard charge a higher processing fee per transaction compared to RuPay. With RuPay, transaction processing takes place within India and this means lower clearing and settlement costs per transaction. Transaction fees could be 2/3rd those charged by foreign cards.
  • Discounts on fuel: The variants of the RuPay Platinum card offer a surcharge waiver of 1% each calendar month on fuel purchases made at petrol stations in India. Banks levy higher fees on International Payment gateways compared to the RuPay cards. This encourages you to use RuPay at petrol stations.
  • Insurance benefits: The Government gives the accidental insurance benefit to all RuPay card holders. You get this benefit on completion of at least one successful financial or non-financial transaction at a POS terminal, ATM, microATM or online e-commerce transaction made in the previous 90 days.
  • Utility Bills: You can pay utility bills using the RuPay card. You also enjoy cash backs when paying the utility bills like electricity, water, gas and so on.
  • Free access to airport lounges: If you are travelling, you get free access to lounges at major domestic airports in India with RuPay debit cards. You enjoy access to lounges at major airports in Delhi, Mumbai, Chennai, Bengaluru, Hyderabad among others.


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