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Since ages we have been hearing about Visa, Master Cards, Diner’s Club, Discover and Amex Cards however India’s contribution to this International level of payments was somewhere missing.

Made in India is picking up fast, how can we be left behind in payment space? RBI had shown a desire to have our own domestic, open loop and multilateral system of payments in India. In Mar’12, National Payments Council of India (NPCI) conceived and launched our own set of cards under brand name RuPay.

RuPay is an amalgamation of two words Rupee and Payment and gives it a national identity. Two forward arrows indicate that the nation is on the move and this is a service that matches its pace. The color blue stands for the feeling of tranquility which is the people must get while owning a card of the brand ‘RuPay’. This is also initiatives towards promoting financial inclusion.

Seeing growing popularity of RuPay card, Master Card complained to Office of United States Trade Representative, in Nov’18, stating that Indian government had adopted a series of protectionist measures to the detriment of global companies.

A mere 6-year-old card created enough scare to biggies like Visa and Master Card. At the Delhi Economics Conclave in 2015, PM Mr. Modi said. “Thanks to RuPay cards, we introduced healthy competition in the debit and credit card space traditionally dominated by a few international players,” he had said.

India’s total debit-card volume is 925 million, according to Reserve Bank of India (RBI) data. RuPay claims to power over 500 million cards issued by nearly 1,100 banks — giving it more than 50% share in the country’s debit-card market by volume, beating the much older duo of Visa and Mastercard. In 2013, RuPay’s market share was just 0.6 percent.

RuPay Cards have seen a jump of 135% in usage at PoS terminals and 137% at e-commerce sites in 2018 as compared to previous year.  RuPay Cards come in many flavors:

  1. Credit Cards: With RuPay Credit Cards, you not only enjoy the freedom of convenience and security but also get used to the privileges of a luxurious living
    • RuPay Select
    • RuPay Platinum
    • RuPay Classic
  2. Debit Cards: Carry your savings account with you anytime, anywhere with your RuPay Debit Card!
    • RuPay Platinum
    • RuPay Classic
    • RuPay PunGrain Card
    • RuPay Mudra Card
    • RuPay Kisan Card
  3. Prepaid Cards: Rely on a convenient and hassle-free payment solution that was specifically made to fulfill your varied needs
    • RuPay Gift Card
    • RuPay Payroll Card
    • RuPay Student Card
    • RuPay Virtual Card
  4. Global Cards : These cards are accepted over 40.1 million POS locations and over 1.88 million ATM locations in 185 countries and territories worldwide
    • RuPay Global Classic Debit Card
    • RuPay Global Platinum Debit Card

Benefits of using RuPay Cards

benifits of rupay cards
  1. Low Transaction Fees and affordability
    • NPCI charges a flat fee for all transactions many less than foreign cards. Transactions charges are low as all processing happens in India.
    • Can cost as low as 2/3rd of the fee charged by international/foreign cards. For Rs 2000 transaction, banks pay Rs 3.25 for international cards whereas for RuPay it is Rs 2.50
    • 45 paise for e-commerce transactions and 90 paise for POS per transaction, which is negligible as compared to foreign cards
  2. Customized product offering
    • Being an Indian card, RuPay offers customized product offering for Indian consumers.
  3. Interoperability
    • RuPay offers complete inter-operability between various payment channels and products.
  4. Serving untapped/unexplored segment
    • RuPay intends to tap the untapped rural segment and right pricing of these cards make it economically feasible for banks to offer it to the targeted set of consumers.
    • Nearly half of RuPay Cards have been issued to Jan Dhan account holders. More than 560 million people hold RuPay cards.
  5. Cashback, waivers and exclusive merchant offers
    • Cashback on railway bookings and on Utility bill payments. Also, Exciting offers for merchants.
    • RuPay cards offer 1% fuel surcharge waivers every month on fuel purchase in India.
  6. Insurance Benefit
    • The government has extended accidental insurance benefit to all RuPay cardholders
  7. Free access to airport lounges
    • Travelers can have free access to domestic airport lounges through RuPay debit cards
  8. Global Acceptance
    • RuPay cards are accepted internationally – you must have noticed PM using PM Mr. Narendra Modi using RuPay debit card on his foreign visits to promote the usage of RuPay Cards.
    • Global Cards are accepted at over 40.1 million POS locations and over 1.88 million ATM locations in 185 countries and territories worldwide
  9. Safe and Secure
    • RuPay cards come with EMV (Europay MasterCard Visa Chips), thus reducing frauds drastically.

unnamed.png Considering all these benefits, Spice Money had recently launched RuPay Prepaid Cards in association with Yes Bank and is working to launch retailer Prepaid cards in association with Catholic Syrian Bank shortly.

These cards provide economically, hassle-free, better options for shopping.

  • Hassle-free KYC process
  • Higher transaction limits with exciting cashbacks

You can read more about Spice Money’s offering on RuPay Prepaid Cards at https://blog.spicemoney.com/spice-money-prepaid-cards/ Ready for business!

Contact Spice Money’s team now! Contact us at +91 120 3986786, +91 120 5077786 or write to us at product@spicemoney.com

Post Author: Varundeep Kaur

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