Published: Jan 5, 2023, 2:08pm
RuPay is an Indian multinational financial service payment network launched by the Reserve Bank of India (RBI) in the year 2012. It is a National Payment Corporation of India’s (NPCI) initiative to boost retail payments in India. RuPay was launched with an objective of a less cash economy. It is derived from the words “rupee” and “payment”, which highlights that it is India’s approach to virtual card (Vcard) payments.
A RuPay debit card is a plastic card used as a method of payment issued by the bank to a customer who has a bank account with them. It has wide acceptance at any point of sale (POS) devices, automated teller machines (ATMs) and e-commerce platforms. RuPay is India’s entry into the international payment market through a local card facility.
RuPay is an Indian multinational financial service payment network launched by the RBI in 2012. Here’s all you need to know about RuPay debit cards.
The RuPay debit cards are available in various plans based on qualifications.
The basic classic debit card caters to the growing class segment of society. It lowers the annoyance of carrying various cards and you can just carry an all-purpose RuPay classic debit card. It is well-designed and can be used for both online and offline transactions. It also can be used at a wide range of ATMs to withdraw cash and to avail of various merchant offers.
The platinum card caters to the rich segment of society. It offers exclusive and advantageous benefits to the Rupay platinum debit card holders. They can get amazing discounts like Amazon Pay and Swiggy offers and cashback on every transaction done on the utility bill.
Other Benefits
The select card caters to the High Networth Individual segment of society. It is highly curated with premium offers that suit the wealthy lifestyle of cardholders. The offers hold a great understanding of the elite section of society and have amazing gym and wellness offerings.
Other Benefits
RuPay’s contactless debit card offers one simple solution for all your low-value transactions. It’s quick and used for daily transactions that include bus, cab, metro, toll, parking and other fewer amount payments. The aim is to go contactless to provide a quick implementation for low-value payments (LVPs).
A contactless debit card allows you to make payments within seconds. You just have to tap the card on the card reader and it’s done, no trouble entering the pin or remembering a password. The contactless card limit is up to INR 5,000 a day without entering a pin at the POS.
There are various government schemes utilized by the people under the RuPay cards.
PMJDY (Pradhan Mantri Jan-Dhan Yojana) Debit Card: The RuPay PMJDY debit card is issued to customers who have an account under the scheme. It is a national initiative for financial inclusion that was expanded to provide citizens access to banking and financial activities. The card allows the user to make transactions at all ATMs, e-commerce sites and POS terminals. It also has insurance coverage for disability and personal accidental death.
PunGrain: The farmers who have an account under the PunGrain Scheme can register for the RuPay PunGrain Card. It is a grain procurement project developed by the Punjab government in the year 2012. The main objective was to help Punjab farmers benefit from the services of Arthias. The RuPay PunGrain Debit Cards can be used at any POS, e-commerce sites, ATMs and to avail automated grain procurement facilities at the mandis.
RuPay debit cards have some amazing features that can be compelling.
If you are new to using a debit card for online transactions follow the simple steps :
Step 1: For using a RuPay card you have to register for e-commerce payments.
Step 2: Once registered, a payment screen will appear. Click on the RuPay card as your option for the transaction.
Step 3: Enter the details like your card number, expiry date and Card Verification Data (CVD) which is either a three-digit or a four-digit number behind your card.
Step 4: You will receive a one-time password (OTP) on your registered mobile number or your registered email address and then enter the OTP.
Step 5: Now you have to choose an image from a collection of images and the image you choose is essential as it will be required for all your future transactions.
Step 6: Enter a phrase and remember it in all your future transactions.
Step 7: Finally, enter the ATM and personal identification number (PIN).
Step 8: A RuPay premium PaySecure service pop-up window will appear on the display and while making the transaction you get registered.
To apply for a RuPay debit card you need to fill in the application form and submit the following documents.
SBI provides three types of debit cards: domestic, co-branded and international. The SBI debit cards are linked to your bank account and the money is deducted directly from your account while you make a transaction.
Key Points
HDFC Rupay premium debit card can be held by both Residential Indians and Non-Residential Indians (NRI). The only condition for residential Indians is to have a salary account, savings account, or current account to hold a RuPay premium debit card.
Key Points
Axis Bank RuPay platinum debit card provides cardholders with a wide range of offers and benefits. To enjoy the facilities of the platinum debit card the customer needs to be an Axis Bank savings account cardholder to enjoy the leverages.
Key Points
Yes Bank RuPay platinum domestic debit card carters to all your domestic needs and provide you with amazing banking services and offers.
Key Points
RuPay debit cards have begun to be accepted and used in India. Features such as high acceptance rate, flexible product platform and addresses the needs of consumers, banks and merchants simultaneously have aided in the growth of RuPay debit cards absorption.
The brand also offers ample benefits and discounts. The RuPay offers are categorized in travel, skincare, shopping, pharmacy, kids, jewelry, home improvement, health and wellness, grocery, food delivery, fashion, entertainment, education, electronics, regional offers, among others.
Customers need to have basic KYC documents like ID proof and address proof to enjoy the benefits of a RuPay debit card.
Cardholders can easily book tickets on the IRCTC website. There are no additional transaction charges for the first six months from the date of issue. You can book up to 5 train tickets every month with just one card. The card also has accident coverage of up to INR 2 lakh and some other exciting offers.
The validity period of a RuPay debit card is ten years.
The HDFC RuPay debit card withdrawal at ATMs is INR 25,000 and for POS, the limit goes up to INR 2.75 lakh for security reasons.
I have experience across journalism segments including finance, fashion and entertainment. I have written short stories and assisted as director and cinematographer on a few projects in the past.
Aashika is the India Editor for Forbes Advisor. Her 15-year business and finance journalism stint has led her to report, write, edit and lead teams covering public investing, private investing and personal investing both in India and overseas. She has previously worked at CNBC-TV18, Thomson Reuters, The Economic Times and Entrepreneur.
