Prime Minister Narendra Modi on 17 th August 2019 officially launched the RuPay card in Bhutan by making first RuPay transaction in Bhutan at Simtokha Dzong. With this Bhutan became third …
Prime Minister Narendra Modi on 17 th August 2019 officially launched the RuPay card in Bhutan by making first RuPay transaction in Bhutan at Simtokha Dzong. With this Bhutan became third country after Singapore and Maldives to have access of RuPay cards across ATMs and PoS terminals.
About RuPay card
- An umbrella organization which powers retail payments in country NPCI (National Payments Corporation of India) launched RuPay card on 26 th March 2012.
- The main objective behind launching of RuPay card was to have domestic, open and multilateral system of payments.
- The RuPay card is accepted over 200,000 ATMs and at more than 2,614,584 PoS terminals in India.
- The RuPay card is accepted by most of the domestic payment gateways and at some international payment gateways.
- RuPay card has strong network across India with acceptance of RuPay cards at 97% of PoS terminals in India.
- For international purchases and to have cash access outside India RuPay has made agreements with international payment networks which includes Discover, Diners Club International, Pulse, JCB in Japan, NETS in Singapore, Union Pay in China, BC Card in South Korea, Elo in Brazil and Dina card in Serbia.
- The RuPay card market share rose from 0.6% in 2013 to 50% by November 2018.
- Before Demonetization the usage of RuPay cards at PoS and E-commerce was 0.3 million transactions per day and after Demonetization it soared seven times to 2.1 million transactions per day.
- With 375 million transactions RuPay card surpassed Visa as the largest payment card network in India by number of transactions.
- As of March 2019 around 600 million RuPay cards are issued by 1100 banks. With these RuPay card covers 58% of India’s issuance market share.
- The transaction processing fees charged by RuPay is approximately 23% lower than those charged by Visa and Mastercard.
- In 2019 RuPay reported 1 billion transactions through both online and offline merchant payment modes.
- PM Narendra Modi in March 2019 launched One Nation, One Card scheme for transportation at a function in Ahmedabad on RuPay platform to avoid vendor lock in and create an inter-operable system.
- The RuPay cards got major boost under Pradhan Mantri Jan Dhan Yojna as all the Jan Dhan account holders were issued RuPay cards.
- Of total 92.5 crore debit cards issued by banking industry, 24.2 crore RuPay debit cards are issued under Jan Dhan Yojna till June 2018.
- The Kisan credit card issued by banks across the country for farmers is provided by RuPay.