A Detailed Guide for RuPay Card: Better Things to Know

In today’s digital world, electronic payment has become the norm. Whether you’re buying a pair of shoes online or paying your rent, chances are you’re using a form of electronic payment. And with good reason: it’s fast, convenient, and secure. Just like any other country, India has its own indigenous payment system called RuPay. 

This article provides a comprehensive Guide on the RuPay card — what it is, how it works, and comparisons with other popular cards in the market. So if you’re looking to switch to RuPay or just want to know more about it, this is the perfect read for you!

What is RuPay?

RuPay is an Indian domestic card system developed and launched by the National Payments Corporation of India (NPCI) in 2012.  It is a direct rival to Mastercard and Visa, which together account for more than 90% of India’s $1 trillion annual card payments volume. RuPay cards are accepted at all automated teller machines (ATMs) and point-of-sale (PoS) terminals in India.

How does RuPay work?

RuPay cards are issued by banks that are members of the NPCI. These cards are linked to the customer’s bank account and can be used in many ways.

When making a purchase at a store, the merchant will swipe your RuPay card through a machine and the amount of the purchase will be deducted from your account. You can also use your RuPay card to withdraw cash from an ATM.

Types of RuPay cards

RuPay offers various card variants like Credit Cards, Debit Cards, Prepaid Cards, Government Scheme cards, and RuPay Global cards.

RuPay Credit Card

This is a regular credit card that can be used for making purchases at stores or online, and for withdrawing cash from ATMs. The credit limit on RuPay credit cards is usually determined by the customer’s income and credit history.

RuPay Debit Card

This plastic card gives the cardholder access to his or her bank account. The RuPay debit card can be used to withdraw cash from ATMs, make purchases at stores, and pay bills.

RuPay Prepaid Card

This is a prepaid card that can be loaded with funds using online banking or over the counter at banks. The RuPay prepaid card can be used to make purchases at stores and withdraw cash from ATMs.

RuPay Government Scheme Card

This is a special type of RuPay card that is issued to beneficiaries of government welfare schemes. The card can be used to receive payments from the government, as well as for making purchases at stores and withdrawing cash from ATMs.

RuPay Global Card

This is a special dual-purpose card that can be used for both domestic and international transactions. The RuPay Global Card is accepted at all ATMs and PoS terminals worldwide that accept Mastercard or Visa.

What is RuPay 2.0?

RuPay 2.0 is the next-generation version of the RuPay card scheme. It was launched in April 2017 and offers a host of new features and benefits.

Some key enhancements include:

1. Instant issuance of cards
2. Enhanced security features
3. Improved customer experience
4. Support for digital payments
5. Integration with UPI and other payment platforms
6. Support for contactless payments

How to use a RuPay card?

RuPay cards can be used at ATMs and PoS terminals to withdraw cash and make payments. The cardholder must enter the ATM or PoS PIN to complete the transaction. RuPay cards can also be used to shop online.

Which are the true benefits of using this RuPay card?

Some benefits of using a RuPay card include:

1. Increased acceptance at merchant outlets and ATMs across India.
2. Reduced foreign currency conversion charges for card transactions.
3. Earn Reward Points on spending which can be redeemed for cash back, gift vouchers, and other benefits.
4. 24×7 customer service support.

How to apply for a RuPay card?

RuPay cards can be applied for at any bank that is a member of the NPCI. The application form can be downloaded from the bank’s website or obtained from the branch. The applicant must provide proof of identity, address, and income to get a RuPay card.

What are the fees and charges for using a RuPay card?

The fees and charges for using a RuPay card vary from bank to bank. However, some common fees and charges include:

1. Annual fee
2. Transaction charges
3. Cash withdrawal fees
4. Foreign currency conversion charges
5. Reward Point redemption fees
6. Late payment fees
7. Over limit fees

It is best to check with the bank about the specific fees and charges that apply to RuPay cards.

How Does RuPay Card Differ from MasterCard and Visa?

RuPay cards are issued by banks that are members of the NPCI. These cards are linked to the customer’s bank account and can be used to withdraw cash from ATMs and make payments at PoS terminals. RuPay cards can also be used to shop online.

Mastercard and Visa are both global payment networks that facilitate electronic payments between banks and merchants. They are both accepted at millions of merchant outlets and ATMs across the world.

RuPay cards offer a number of benefits over Mastercard and Visa including:

1. Increased acceptance at merchant outlets and ATMs across India.
2. Reduced foreign currency conversion charges for card transactions.
3. Earn Reward Points on spending which can be redeemed for cash back, gift vouchers, and other benefits.
4. 24×7 customer service support.
5. Lower fees and charges.

It is best to check with the bank about the specific benefits that apply to RuPay cards.

What are the documents needed to apply for a RuPay card?

The documents required for applying for a RuPay card include the following:

1. Applicant’s photograph
2. PAN card photocopy or Form 60 if PAN is not available
3. Address proof such as ration card, passport, driving license, etc.
4. There is ID proof required to present such as an Aadhaar card, voter ID, etc.

Conclusion

When it comes to electronic payment, there are a few options to choose from. One of the most popular is RuPay, a debit card offered by the National Payments Corporation of India.

RuPay is accepted by millions of merchants both in India and abroad. And because it’s powered by RuPay, you can enjoy all the benefits of this secure network, including fraud protection and 24/7 customer service. For more information, you can check out “The product overview – RuPay” by NPCI.