RuPay Debit Card – Advantages, Application, Benefits to Banks

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What is RuPay Debit Card

National Payment Corporation of India (NPCI) promoted by RBI on 26 March 2012 launched an Indian payment gateway system as an alternate solution to Mastercard and Visa which are widely used across the world and have dominance even in India.

RuPay Card India

RuPay Card Logo

As of now RuPay debit card has been issued. Processing of RuPay card is done by the payment gateway company CCAvenue which powers more than 80% of eCommerce merchants in the country. Card issuing banks will have to pay fees for every transaction to the company which will setup machines and thus generate revenues.

RuPay Card Advantages

1) Accepted at around 1,45,270 ATMs.

2) Acceptance by over 8,75,000 point-of-sale (PoS) terminals

3) Over 10,000 E-commerce sites have added RuPay is one of the payment method. For e.g. coke2home.com, justrechargeit.com and futurebazaar.com now accept this card. You should also know about using RuPay for online payments

4) Accepted at around 1.8 lakh merchant terminals in India out of the current 8 lakhs

5) Transaction fee charged to the merchant is 0.01%

6) Transaction limit is very high. Of course this will vary from bank to bank

7) Customers will get SMS alert for every transaction done through their card

Latest news: On 24March2015, IRCTC RuPay Pre-Paid Debit card was launched for booking train tickets. Also check out offers on RuPay debit card by various banks.

Disadvantages

1) Visa and Mastercard provides rewards points and at this stage there is no such update on the reward points system by RuPay card

2) No updates available on issuance and annual fees.

Virtual RuPay Card to be launched soon by NPCI in 2015.

Application – How to Get RuPay Card

Indian consumers can apply for RuPay Cards at the public banks and private sector banks. And is also issued by over 200 co-operative and rural banks in the country. Here’s the list of few these banks where application of RuPay cards can be made:

1) Public sector banks: For easy access, wherever possible links to the bank website are mentioned below:

You can open bank account under PMJDY which was recently launched by government of India and get RuPay debit card for free. You can also read frequently asked questions about Jan Dhan Yojana

2) Private Sector banks: Federal bank is first private sector bank in India to launch RuPay card. Click latest news by bank here

Existing customers having savings or current bank accounts in any of these banks can apply for RuPay card. Recently Indian government has asked public banks to issue RuPay card to their existing customers and install terminals which can accept this payment. However this does not mean these banks will stop issuing Visa and Mastercards. But government is stressing on giving more focus to country’s own card. Read more about withdrawal limit of RuPay card.

Benefits of Launching RuPay Card

With an aim of not to generate profit at this stage, following are the main reasons to launch RuPay debit card

1) Reducing the cash usage

2) Very cost effective: Transaction cost is very less as compared to internationally used Visa and Mastercard since the whole process will take place within India. So Indian banks have to pay fees in Rupees to international payment companies and thus saving on foreign currency. See 7 differences between RuPay & MasterCard/AmEx/Visa

3) Cost of clearance would be low due to processing within India

4) Reduced dependence on card systems currently used worldwide

5) Huge savings to Indian consumers

6) As all the transaction data would be available in India and thus prevent customer purchase data going out of the country

7) People with no or limited access to banking and financial services can easily avail the cards as they would be available in rural areas as well

Do you know about cardless cash withdrawal, a new service offered by Indian banks?

Latest update on currency ban: Government of India has announced Pradhan Mantri Garib Kalyan Deposit Scheme on 17th December. Black money holders are given last chance to declare their undisclosed income before 31st March 2017 under this scheme which will be used for social security scheme.

Statistics So Far

1) Since it’s launch in 2012, over 20 million RuPay cards have been issued

2) Backed by consortium of Indian banks

3) By 2014, target is to issue 10 million and this won’t be possible unless banks take speedy action on this.

Plans Ahead:

1) NCPI has outlined their plan for future for launching EMV cards

2) Contact less cards

3) Credit cards

Local Cards by Other Countries:

Many countries have created their own payment firms such as China (UnionPay), Singapore (AsiaPay) and Brazil(allpago)

Have you opened account for your girl child under Sukanya Samriddhi Scheme. If not, get it opened today and grow your money at 9.1% interest compounded annually. Check out how you can grow 1,40,000 to 5,26,051.

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34 thoughts on “RuPay Debit Card – Advantages, Application, Benefits to Banks

    • Dear Lohit, I’d personally visited but SBI but as per rule, Jan dhan is only for individuals with no bank account. However you can contact your branch and ask how I can still get benefits because just today I read news that benefits of PMJDY can be extended to existing account holders. You can also contact special helpline no – 1800-180-111 and 1800-110-001 to get your queries resolved. If you get time, do drop in the response you’ve got on this page, so that other users can benefit from it. Thank You.

  1. I AM JAGRUTHI AND I AM STUDYING IN CHINA.I APPLIED FOR THE ATM CARD IN THE SBI-I GOT RUPAY DEBIT CARD,IS IT ACCESSIBLE IN CHINA ALSO?
    PLEASE HELP WITH THE APPROPRIATE INFORMATION ABOUT THE ACCESSIBILITY OD RUPAY-DEBIT CARD.

  2. i am milan banerjee and i am also bc of allahabad bank.i opening a/c last three month but any ruppy card not come in my branch.plz sir told me?
    thanks

  3. Is there any RuPay CREDIT card ? If yes, please mail me the application form since it is not there on your website. Thanks and regards.

  4. In news paper i read that this bank account will be blocked with in months and its just for show off,is it true and how to put money in this account is there any easy way without filling slip like pnb introduced a machine to put money in account easily

  5. I have SBI Rupay card. I am unable to pay online payment with this card. After entering the card details, It is showing that bank has denied your transaction. How can I make payments with this card??

    • There is a probability that “posting restrictions” may have been imposed for your card. Please contact your branch to get them removed.

  6. i have allahabad bank rupay debit card,but it dsnt work on any online site like indian railway,idea etc even i have sufficient balance in my a/c but i used it in atm and it worked. STRANGE!!

  7. Hi I have a united bank of india rupay card.
    The problem is my balance is showing less than actual.
    I haven’t withdrew that much cash but still the balance is showing 2000 less.
    What should I do?

  8. I received a RuPay debit card from ANDHRA BANK and they were unable to tell me the maximum atm withdrawal limit and maximum transaction possible at a sale terminal on a given day. can anybody get me the information?

  9. I have a SBI RuPay debit card… Wanted to know if I can make my SBI credit card payment through this debit card? It was easy when I had the Maestro SBI Debit Card .

  10. i opened a joint saving account in the bob jodhpur and applied for atm card. bank have issued us a ru pay atm card. first time we use it for withdrawal cash.we entered twice very currect pin issued by bank . but it is regreted that machine atm has says it is incurrect pin. what is the cause.please rectify it.

  11. Dear Sir/Mam,
    I want to know if there any charges if I block the Rupay Debit card and after that give a application for reissue me? SBI Cc said you will be charged 200+ for reissuing it.
    I am State Bank of India customer under PMJDY.

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