Hotness Rupay card is now ready for lauched to replace ...

Hot Deal Rupay card is now ready for lauched to replace Visa, MasterCard

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Deal Lieutenant
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Finally, India card Rupay to replace Visa, MasterCard
Visa & MasterCard gone. Rupay card, bring it on

Logo was finalized now and card launching soon
https://i.imgur.com/6PhzA.jpg

National Payment Council of India (NPCI), set up by the Reserve Bank of India to promote card payments system, will launch its RuPay debit card in March. RuPay is the country’s first domestic payment card network and aims to match existing payment facilitators such as Visa and MasterCard and provide debit and credit card services.

“The countdown has begun and around 20-25 March we will launch RuPay debit card,” says A.P. Hota, chief executive officer and managing director of NPCI. “It will be a personal identification number (PIN)-based debit card and not a signature-based card.”

At present, RuPay automated teller machine (ATM) cards are available with a few rural banks.

What will you get?

Since it is a PIN-based card, it will be more secure than signature-based cards. Here, the verification is done via a PIN and not a signature. “The card will be PIN-based and will have a magnetic stripe on the reverse side. Disputes are less in PIN-based transactions,” Hota says.

The RuPay debit card can be used across all ATMs in the country. It can also be used at 200,000 point of sales (PoS) terminals which are expected to come up by March and increase to 600,000 by June. The RuPay debit card can only be used in India as of now.

NPCI is in talks with big banks such as ICICI Bank Ltd, HDFC Bank Ltd, Corporation Bank and IDBI Bank Ltd among others to issue RuPay debit card. NPCI’s promoter banks such as State Bank of India, Bank of India, Bank of Baroda, Union Bank of India, Canara Bank and Punjab National Bank have already agreed to issue RuPay debit cards. At least 10 leading banks are expected to launch RuPay debit cards in a few months.

N. Sheshadri, executive director, Bank of India, says, “we are building the infrastructure and customers will have one more option to choose from, with RuPay.” The RuPay card could be used for online transactions by June and will involve a two-factor authentication process.

“NPCI is recommending that banks should issue RuPay cards for its new customers and cards that come for renewal. We are not advocating that banks should change existing cards to RuPay. If banks decide to do so, banks will have to bear the cost,” Hota says.

But if an existing customer wants to shift from Visa or MasterCard to RuPay, banks will be able to do so. RuPay debit card is expected to be ready for international use by January 2013. NPCI has no plans to enter the credit card market in the next three years.

What will banks get?

“Banks would get simplified fee structure with just three-four types of service charges,” Hota says. In addition, since NPCI will not have a minimum transaction volume clause, even medium to small banks such as cooperative banks would be able to offer its customers this card payment system. Moreover, since NPCI would be using a rack rate charge, there would be transparency in charges. “The charges for RuPay will be substantially lower than its competitors,” Hota says. “We would charge around one-third less than others. Which means when others charge Rs. 100, we would charge Rs. 70-75. We have decided on charges but talks are still on. However, we will definitely be a low cost provider.” On average banks pay around Rs. 300 crore per year to Visa and Mastercard for processing all debit and credit card payments.

9 Comments  |  
8 Dimers
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Deal Subedar
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nice info:-}
thanx for sharing

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Deal Lieutenant
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Excellent post. Can you please advice how do pay with Rupay card? I only see Visa or Master Card on most of the sites.

Thanks.

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Shopping Friend
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Nice share voted up and karma added

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Deal Cadet
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Give me karma na

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Deal Captain
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^^ Good News.. Thank for Information https://cdn2.desidime.com/assets/textile-editor/icon_wink.gif

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Deal Cadet
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welcome to rupay .we are waiting.

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Deal Lieutenant
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vendetta wrote:

Give me karma na


How can I give karma? I think asking for same is against rule.

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Community Angel
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smartnsh wrote:

vendetta wrote:

Give me karma na


How can I give karma? I think asking for same is against rule.


U cant give Karma until ur karma z 103, that z after becoming Deal cadet.

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Deal Cadet
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chinzzz wrote:

smartnsh wrote:

vendetta wrote:

Give me karma na


How can I give karma? I think asking for same is against rule.


U cant give Karma until ur karma z 103, that z after becoming Deal cadet.

Bro no offence but I think u are trying to act supercool by replacing “is” with “z” https://cdn3.desidime.com/assets/textile-editor/icon_cool.gif

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