National Payments Corporation of India launched RuPay card payment scheme to penetrate under tapped and untapped rural India. The name RuPay itself has a desi flavour. Basically RuPay word comes from two words rupee & payment. In order to penetrate into the rural India and provide the banking services to poor people. So it needs to be economically feasible so that banks can financially afford to offer services to every citizen.
3 benefits of RuPay card
- Most important and driving force works behind launching of RuPay card was reduction of processing costs. In order to cover each Indian under banking facility, it was important to make it financially sustainable, so it needs to reduce operational cost. Already existing payment scheme (MasterCard, Visa etc) charges more to banks, whereas RuPay is domestic payment service and so it also charges less than others
- All other existing payment scheme or card scheme are owned by foreign companies. So all transactions data are stored in their data base. But RuPay is only domestic card scheme in India and India is the 6th country who own its domestic payment service or card scheme. So all transactions related data are stored in India under control of NPCI. So protection of all such important transaction data and domestic consumers data is also a major advantage or benefits of RuPay card.
- As RuPay is a domestic payment scheme, so it understands requirement of Indian consumers better than others and it is committed to develop more customized products to meets Indian consumer’s need and being a domestic scheme it will work for the betterment of society and people.
RuPay card registration process is also simple and follow strict security guidelines to ensure secure transactions and data protection. RuPay card is accepted by more than 10,000 eCommerce websites, 8,00,000 Point of Sale (PoS) terminals and 1,80,000 merchants terminals which shows the trust on this RuPay card payment scheme.
Read also: Formation of Payment Banks in India (Payment banks will also help under tapped and untapped rural people to provide payments and remittance services)