RuPay cards are gaining momentum as a domestic card payment network in India. The RuPay cards payment network is similar to international payment card networks like Visa International and MasterCard. The National Payment Corporation of India (NPCI), a Government of India undertaking, has launched RuPay cards in March 2012. Since its inception, this domestic network has started gaining momentum because of its ability to provide card payment network facilities to banks at a cheaper rate.
What necessitated Government starting payment network?
The international payment cards like VISA & Master cards have been charging heavily on card payment network services provided by them. With the introduction of RuPay cards, it has been able to provide transaction facilities to the extent of 40% cheaper than international networks. Thus, RuPay’s lower transaction cost helps Indian Banks to rapidly expand their card business to untouched markets of small towns and rural areas.
Benefits of issuance of RuPay cards by the banks:
The number of RuPay cards is growing day by day and it is expected to become visible in a big way in the near future. The RuPay card has following advantages.
1.What is IMPS/ mobile phone banking?
2.What is Point of Sale (POS) business?
3.What is RTGS & NEFT transactions?
4.What is NACH (What is national automated clearing house)?
5.What is ECS credit/debit system?
6.What is RuPay card?
7.What is e-wallet?
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