26 Oct 2016

All About Rupay Card – Important Banking Awareness Updates for IBPS PO/RRB/Clerk Exams – Download in PDF

All About Rupay Card – Important Banking Awareness Updates for IBPS PO/RRB/Clerk Exams – Download in PDF
All About Rupay Card – Important Banking Awareness Updates for IBPS PO/RRB/Clerk Exams – Download in PDF:
Dear Readers, Here we have given all about Rupay Card which was important Banking Awareness Updates, aspirants those who are preparing for the exams can make use of it.


Introduction:
RuPay is an Indian domestic card scheme conceived and launched by the National Payments Corporation of India (NPCI). It was created to fulfill the Reserve Bank of India’s desire to have a domestic, open loop, and multilateral system of payments in India. RuPay facilitates electronic payment at all Indian banks and financial institutions, and competes with MasterCard and Visa in India. NPCI maintains ties with Discover Financial to enable the card scheme to gain international acceptance.

Background:
The National Payments Corporation of India (NPCI) is a pioneer organization in the field of retail payments in India. It is a body promoted by RBI and has presently ten core promoter banks (State Bank of India, Punjab National Bank, Canara Bank, Bank of Baroda, Union bank of India, Bank of India, ICICI Bank, HDFC Bank, Citibank and HSBC). It has been incorporated as a Section 25 company under Companies Act and is aimed to operate for the benefit of all the member banks and their customers.
The vision of NPCI being able to provide citizens of our country anytime, anywhere payment services which are simple, easy to use, safe, and secure, fast and also cost effective. NPCI aims to operate for the benefit of all the member banks and the common man at large.


Reserve Bank of India, after setting up of the Board for Payment and Settlement Systems in 2005 released a vision document incorporating a proposal to set up an umbrella institution for all the Retail Payment Systems in the country. The core objective was to consolidate and integrate the multiple systems with varying service levels into nation-wide uniform and standard business process for all retail payment systems. This led to the formation of National Payments Corporation of India, (NPCI).
The IndiaPay scheme was conceived by the National Payments Corporation of India as an alternative to the MasterCard and Visa card schemes, and to consolidate and integrate various payment systems in India. It was renamed to RuPay to avoid naming conflicts with other financial institutions using the same name.
RuPay is a portmanteau of the words rupee and payment. The colors used in the logo are an allusion to the tricolor national flag.
The RuPay card was launched on 26 March 2012. NPCI entered into a strategic partnership with Discover Financial Services (DFS) for RuPay Card, enabling the acceptance of RuPay Global Cards on Discover’s global payment network outside of India.
On 8 May 2014, RuPay has been dedicated to India by President of India, Pranab Mukherjee at RashtrapatiBhavan, New Delhi.

What is RuPay Card?
·        RuPay is a combination of two words – Rupee and Payment. RuPay Card is an Indian version of credit/debit card. It is very similar to international cards such as Visa/Master (can say as answer to all such international cards from Indian Payment System).
·        RuPay is the Indian domestic card payment network set up by National Payments Corporation of India (NPCI) at the behest of banks in India with the approval of Reserve Bank of India.
·        It is created to fulfill the Reserve Bank of India's desire to have a domestic, open loop, and multilateral system of payments in India.
·        RuPay facilitates electronic payment at all Indian banks and financial institutions, and competes with Master Card and Visa in India.
·        NPCI maintains ties with Discover Financial to enable the card scheme to gain international acceptance.

How the RuPay card works?
RuPay debit cards are similar any other debit cards that you might hold now. You can access them in the 1.45 lakh ATMs and 8.75 lakh POS terminals across the country. It will also be accepted on 10,000 e-commerce websites. All major public sector banks, including SBI, have started issuing these cards to all their customers. The card also comes with a high end technology chip named EMV (Europay, Master Card and Visa) especially for high end transactions. It also has an embedded micro processor circuit with information about the card holder.

Benefits of RuPay Card:
The Indian market offers huge potential for cards penetration despite the challenges. RuPay Cards will address the needs of Indian consumers, merchants and banks. The benefits of RuPay debit card are the flexibility of the product platform, high levels of acceptance and the strength of the RuPay brand-all of which will contribute to an increased product experience.
Lower cost and affordability:
Since the transaction processing will happen domestically, it would lead to lower cost of clearing and settlement for each transaction. This will make the transaction cost affordable and will drive usage of cards in the industry.
Customized product offering:
RuPay, being a domestic scheme is committed towards development of customized product and serviceofferings for Indian consumers.
Protection of information related to Indian consumers:
Transaction and customer data related to RuPay card transactions will reside in India.
Provide electronic product options to untapped/unexplored consumer segment:
There are under-penetrated/untapped consumers segments in rural areas that do not have access to banking and financial services. Right pricing of RuPay products would make the RuPay cards more economically feasible for banks to offer to their customers. In addition, relevant product variants would ensure that banks can target the hitherto untapped consumer segments.
Inter-operability between payment channels and products:
RuPay card is uniquely positioned to offer complete inter-operability between various payments channels and products. NPCI currently offers varied solutions across platforms including ATMs, mobile technology, cheques etc and is extremely well placed in nurturing RuPay cards across these platforms.

Offers on RuPay Debit Card:
·        Concierge Services
·        b)Fuel Surcharge waiver
·        c)IRCTC cashback
·        d)Utility bill payment cashback
·        e) Domestic Lounge access




 

More Downloadable Materials for Upcoming IBPS PO 2016:

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