Among the payment networks and gateways, Mastercard, Visa card, Diner's Club and American Express card are the most popular and widely used gateways in over 200 countries. Similarly, India too has its own RuPay card scheme created by National Payments Corporation of India (NPCI), the umbrella organization for all retail payments in India.
The RuPay Card was introduced under the Pradhan Mantri Jan Dhan Yojana, as a kind of debit card that is offered to the account holder when a bank account is opened. This card is issued by NPCI and was brought in to promote financial inclusion in India, and is accepted at all ATMs across the country. Cardholders will be able to make all kinds of transactions using the card, starting from making cashless payments to withdrawing cash, swiping it in PoS machines at any place, etc.
The RuPay card is a domestic card. Hence, banks charge nominal charges on it. This is why the card comes with a lower processing fee as compared to other modes of payments. Industry experts say this benefits both banks and account holders. As compared to foreign cards, with RuPay cards almost 1/3rd of transaction fees are cut down. The lower cost makes this card easily affordable and accessible to people.
According to NPCI data, this card is accepted by a large number of POS machine terminals and ATMs. RuPay cards also offer customized benefits and services such as cash-back, insurance cover, surcharge waiver on fuel, and free access to airport lounges, to the cardholders.
Here are the types of RuPay cards available for you:
RuPay Debit Card: This is like the normal debit cards, which comes with all the facilities of a savings bank account, and any services can be availed anytime, anywhere. The cardholder can also pay for shopping, paying bills online and transact in a secure way.
RuPay Classic Debit Card: This card is similar to the normal debit card, however, the cardholder gets additional comprehensive accident insurance cover with this card version. The accident insurance cover is up to Rs 1 lakh with this card. Along with that cardholder gets disability cover up to Rs 1 lakh, and exclusive domestic merchant offers.
RuPay Platinum Debit Card: As a welcome benefit, the platinum debit card offers gift vouchers to the cardholder. This card is also accessible to more than 30 airport lounges in the country. It also offers cash back if used for paying utility bills. Card also get comprehensive insurance cover up to Rs 2 lakh, with this platinum debit card.
RuPay Mudra Debit Card: Account holders opening an account under the Pradhan Mantri Mudra Loan Yojana (PMMLY), is given a RuPay Mudra Debit Card. Under PMML yojana, Mudra (Micro Units Development and Refinance Agency) schemes such as the Shishu, Tarun, and Kishor were introduced. Under the Kishor and Tarun schemes, micro-units funding between Rs 50,000 – 5 lakhs and between Rs 5 – 10 lakhs that is required, is funded. Micro units requiring funding up to Rs 50,000 are funded, under the Shishu scheme.
RuPay Pradhan Mantri Jan Dhan Yojana Card: The PMJDY card is offered to those account holders who hold the zero balance SBI account under the PMJDY scheme. The PMJDY card offers free life insurance cover and free accident cover up to Rs 30,000 and Rs 1 lakh, respectively. Additionally, account holders holding a PMJDY account also an overdraft facility of Rs 5,000.