Important Points to know about RuPay Card System

    Important Points to know about RuPay Card System
    Important Points to know about RuPay Card System:
    Important points that we have to know about RuPay Card System were given here, which will be more helpful for the candidates those who are preparing for the upcoming exams.

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    1). RuPay is an Indian domestic card scheme launched byNational Payments Corporation of India (NPCI)

    2).NPCI – Managing Director& CEO –A. P. Hota

    3).RuPay enables theelectronic paymentsat all Indian banks and financial institutions

    4).It was initially conceived as theIndiaPayscheme by NPCI to compete with theMasterCardandVisa card schemes

    5).It was later renamed asRuPay schemeto avoid name conflicts with other financial institutions

    6).It was created to enable theRBI’sdesire to have a domestic, open loop and multilateral system of payments in India

    7).The RuPay card was launched on26thMarch 2012

    8).RuPay was dedicated to India by PresidentPranab Mukherjee at Rashtrapati Bhavan, New Delhi on 8th May 2014

    9).All banks of India are authorized to issue RuPay debit cards to their customers for usage at
    ·        ATMs
    ·        Point of Sale (PoS) terminals
    ·        E-commerce websites

    10).About240banks including all major public sector banks and200cooperative and rural banks issued RuPay cards to promote financial inclusion

    11).RuPay cards are accepted at all the ATMs across India underNational Financial Switch

    12).Details of ATMs, PoS and e-commerce websites are as follows
    ·        ATMs –145,270
    ·        PoS terminals –875,000
    ·        E-commerce websites –10,000

    13). NPCI entered into partnership withDiscover Financial Services(DFS) for enabling the acceptance of RuPay globally asRuPay Global Cards on DFS’s payment network outside India

    14). RuPay chip cards launched by NPCI for high security transactions have an embeddedmicroprocessor circuit containing information about the card holder

    15).RuPay chip cards useEMV(Europay, Mastercard, Visa) chip technology

    16).RuPay enables the banks to issue a unifiedKisan Card for farmers under theKisan Credit Card scheme

    17).ThePunjab Grains Procurement Corporation Ltd.(PUNGRAIN) pays the commission agents through the RuPAy Debit Card

    18). 75cooperative societies ofAMUL in regions ofBurdwan andHooghly ofWest Bengalwere enabled to get their payments directly into their bank accounts on the same day of sale of milk through an initiative taken by theKotak Mahindra Bankin partnership with RuPay

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