RuPay: A Comprehensive Guide to India's Digital Payment System

RuPay is India's very own digital payment system, launched in 2012 by the National Payments Corporation of India (NPCI). It's a game-changer for the country's financial landscape.

RuPay cards can be used at over 1.5 million ATMs and 12 million PoS (Point of Sale) terminals across India. This massive network makes it easy for users to withdraw cash or make transactions.

The RuPay card is accepted at all major banks in India, making it a widely accepted payment method. This acceptance is a result of the NPCI's efforts to collaborate with various banks and financial institutions.

RuPay has also partnered with several international banks, allowing users to make transactions abroad. This is a big advantage for Indians traveling overseas, who can now use their RuPay cards to make payments.

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RuPay is a non-profit payment company that was created to design an indigenous payment card for India. It was conceived as an alternative to Mastercard and Visa.

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The card was tentatively called "India Pay" but was later finalised as RuPay, a portmanteau of the words rupee and payment. This was done to avoid naming conflicts with other financial institutions.

The logo of RuPay alludes to the tricolour flag of India. This is a nod to the country's national identity.

RuPay was launched on 8 May 2014, by the then President of India, Pranab Mukherjee, at Rashtrapati Bhavan. This marked a significant milestone in India's payment system.

As of March 2021, RuPay had a market share of 34% in terms of volume of transactions and 30% by value in India. This is a notable achievement for a domestic payment system.

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RuPay offers a wide range of products, including debit cards, credit cards, prepaid cards, and government scheme cards.

RuPay debit cards come in three variants: Classic, Platinum, and Select. The Classic variant is the standard version, offering basic features such as acceptance at most merchants in India and some offers in categories like dining and travel. The Platinum variant provides additional benefits, including airport lounge access and comprehensive insurance coverage of up to ₹2,00,000.

RuPay prepaid cards are also available in three variants: Classic, Corporate, and Platinum. These cards can be used for various purposes, such as booking tickets, making online purchases, and paying service bills.

RuPay offers combo cards that combine debit and credit, debit and prepaid, or credit and prepaid features into a single card.

The Union Bank of India launched the RuPay Combo Debit Cum Credit Card in November 2018, which is the first RuPay card to facilitate both debit and credit transactions through a single card.

This card has 2 EMVs and 2 magnetic stripes, making it a convenient option for users who want to switch between debit and credit transactions easily.

Combo cards like the RuPay Combo Debit Cum Credit Card can be a great option for people who want to manage their finances in a more streamlined way.

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RuPay offers a Commercial credit card for corporate clients, launched on 23 July 2020 at Global Fintech Fest in partnership with State Bank of Mauritius (SBM).

This card is designed for SMEs and MSMEs, and will be available through State Bank of Mauritius touch-points across India.

RuPay Business credit card offers instant bulk payout, a 30-day credit period on business purchase, automated goods and services tax (GST), and a dashboard to manage business spending.

EnKash will provide dedicated customer support and expense management service for this card.

The RuPay Business Platinum was launched on 29 December 2021 for corporate customers, in partnership with Central Bank of India and NPCI.

This card helps small businesses and micro-enterprises maintain personal and business accounts separately.

RuPay Business Platinum is a powerful tool for corporate clients, offering a range of features to manage their business spending and finances.

RuPay Features are designed to provide users with a convenient and secure way to make transactions.

The SBI Rupay credit card benefits and core features include RuPay Features that allow for contactless payments.

RuPay Features also enable users to make payments at a large number of merchants, both online and offline.

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The RuPay credit card has some amazing benefits and features that make it a great option for young individual entrepreneurs. The RuPay Pro credit card offers a variable billing cycle, which means you can choose when you want to pay your bill.

One of the standout features of the RuPay Pro credit card is its support for digital and paperless know your customer (KYC) process on-boarding. This makes it easy and convenient to sign up for the card.

The SBI Rupay Card offers a convenient contactless payment feature. This means you can make transactions without physically swiping or inserting your card, saving you time and effort.

You can use the contactless feature to make payments up to ₹2000. This is a great option for small purchases, like buying a coffee or a snack.

RuPay in India has seen significant growth since its inception. Over 1,158 banks issued 603.6 million RuPay cards by November 2020. RuPay cards are accepted at almost all ATMs across India and are supported by PayPal.

RuPay has partnered with major companies like Amazon, Apple, and Google, but Google Play still doesn't accept RuPay cards for purchases in apps and games. RuPay cards are a popular choice for Jan Dhan account holders, with 308.5 million RuPay debit cards issued to them as of March 2021.

RuPay's market share rose from 0.6% in 2013 to 50% by November 2018, with 628.41 million RuPay cards issued across all categories. RuPay surpassed Visa as the largest payment card network in India by number of transactions in June 2017, recording 375 million transactions.

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Around 77.7 crore (777 million) Indian consumers shopped cross-border in 2021. This is a significant number, showing the growing demand for international transactions.

To make payments easier, NPCI International Payments Limited (NIPL) signed a memorandum of understanding (MoU) with UK-based PPRO Financial on 17 November 2021. This MoU aimed to expand the acceptance of RuPay in foreign markets.

Especially in China and United States, which account for half of all international transactions coming from India. This is a key market for RuPay to expand into.

Under its Payments Vision 2025, RBI aimed to further push for the internationalization of RuPay. This vision includes countries using the United States dollar, Pound sterling, and Euro under bilateral treaties.

NIPL signed a definitive agreement with PPRO Financial on 27 April 2023. This agreement will enable acceptance of UPI among international payment service providers (PSPs) and global merchant acquirers.

RuPay On-The-Go solutions are now available on smartwatches and other personal electronic accessories, eliminating the need to carry physical cards.

The RuPay On-The-Go smartwatch, launched by NPCI, allows users to make direct payments and access various retail sites and public transportation hubs.

Users can pay at bus stops, metro stations, and parking lots with just a tap, thanks to the National Common Mobility Card (NCMC) technology supported by the smartwatch.

Transactions under ₹5,000 can be made without a PIN, while larger transactions require a PIN for security.

A limited number of guests at the 2024 Indian Premier League will be able to purchase a special wristband that serves as a contactless payment method and provides seamless access control during the event.

The RuPay On-The-Go wristband is part of a partnership between NPCI and the TATA for the Indian Premier League.

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RuPay cards are widely accepted in India, with almost all ATMs across the country supporting them. They've also got online payment capabilities, thanks to RuPay PaySecure, which was launched by NPCI in 2013.

Over 1,158 banks have issued a staggering 603.6 million RuPay cards till November 2020. That's a lot of cards! PayPal supports RuPay, and Amazon accepts all RuPay debit cards, as well as some RuPay credit cards issued by select banks.

Apple began accepting RuPay debit and credit cards on the App Store and iTunes Store in July 2021. However, RuPay cards are not yet accepted as a valid payment method on Google Play for making purchases in apps and games.

RuPay cards got a major boost through the Pradhan Mantri Jan Dhan Yojana, which issued RuPay debit cards to Jan Dhan account holders. By June 2018, 24.2 crore (242 million) RuPay debit cards were issued under the Jan Dhan Yojana, compared to the 925 million debit cards issued by the banking industry during the same period.

By January 2020, 76% of all Jan Dhan account holders held RuPay debit cards. As of 10 March 2021, a total of 308.5 million RuPay debit cards had been issued to Jan Dhan account holders.

Here's a rough breakdown of RuPay card adoption in India:

RuPay cards have come a long way in India, and it's exciting to see how they're expanding their reach and capabilities.

RuPay's market share rose from 0.6% in 2013 to 50% by November 2018. This is a remarkable growth, especially considering the competition from established players like Visa and Mastercard.

RuPay initially charged transaction processing fees that are approximately 23% lower than those charged by Visa and Mastercard. This competitive pricing strategy helped RuPay gain a significant share of the market.

In 2017, RuPay surpassed Visa as the largest payment card network in India by number of transactions, recording 375 million transactions. This milestone marked a significant shift in the market dynamics.

RuPay's market share by number of cards issued, point of sale transactions, and online transactions increased from around 11% two years ago to 58%, 30%, and 25% respectively as of 2019. This indicates a consistent growth in all areas.

RuPay reported 100 Crore (1 billion) transactions through both online and offline merchant payment modes in financial year 2019, a nearly 70% jump compared to the 667 million transactions in financial year 2018.

Here is a breakdown of RuPay's market share in India as of 2019:

As of November 2020, more than 60 crore (600 million) RuPay cards were issued by the banks in India. This is a testament to the growing adoption of RuPay as a preferred payment method in the country.

RuPay E-com is the payment gateway that facilitates online transactions by RuPay card holders. It offers a range of payment options, including one click payments, Seamless APIs, and Connected Checkout. RuPay E-com also supports subscription payments, EMI, online credit card bill payments, and balance transfers.

RuPay E-com's one click payments feature makes online transactions quick and hassle-free. This is especially useful for frequent online shoppers who want to make multiple purchases without having to re-enter their payment details each time.

RuPay E-com is a convenient and secure way to make online payments, and its various payment options cater to different needs and preferences.

RuPay E-com is the payment gateway that facilitates online transactions by RuPay card holders. It supports one click payments, Seamless APIs, and Connected Checkout.

RuPay E-com offers additional payment options such as subscription payments, EMI, online credit card bill payments, and balance transfers. This makes it a convenient choice for users who want to make online payments easily and securely.

Nth Rewards is a loyalty benefits platform operated by the NPCI.

It enables corporate clients to sponsor rewards for RuPay card holders.

The NPCI Tokenisation System was launched by NPCI on 21 October 2021.

This system will help keep RuPay card details into RuPay Network Secure Vault, making it easier to share unique token reference ID numbers instead of actual card details between customers, merchants, and banks for transactions.

The Token Reference On File (TROF) service will help stop identity theft and hacks, making online transactions safer.

PayPhi became the first digital payment platform in the country to officially certify for RuPay Tokenisation System on 6 December 2021.

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BharatQR is a game-changer in digital payments, allowing users to transfer money from one source to another without the need for physical cards.

It was developed by NPCI in collaboration with Mastercard, Visa, and others, and launched in September 2016. BharatQR facilitates users to transfer their money directly into their linked bank account using IMPS.

BharatQR provides a common interface between RuPay, Mastercard, Visa, and American Express, making it a more convenient option than individual proprietary systems. It's supported on both Android and iOS devices.

Bijlipay, an end-to-end digital payment solutions company, was the first to enable Bharat QR code on its Point-of-Sale (PoS) machines. This innovation has made BharatQR a widely accepted payment solution in India.

According to RBI, Bharat QR Code is the world's first inter-operable payment acceptance solution, making it a truly unique and groundbreaking technology.

RuPay Card is expected to roll out recurring payments without the two-factor authentication process for transactions of less than ₹2,000 during first quarter of 2020. This is according to National Payments Corporation of India (NPCI) chief operating officer (COO) Praveena Rai.

The technology work for this feature is currently underway and the entire ecosystem is gearing up for the shift.

As a business owner, you can leverage RuPay's services to enhance customer engagement and loyalty. Nth Rewards is a loyalty benefits platform operated by NPCI that enables corporate clients to sponsor rewards for RuPay card holders.

RuPay's Tokenisation System is a game-changer for secure transactions. It allows customers to keep their RuPay card details safe in the RuPay Network Secure Vault, sharing a unique token reference ID number instead of actual card details.

PayPhi was the first digital payment platform to be certified for RuPay Tokenisation System on December 6, 2021. This certification marks a significant milestone in the adoption of tokenisation in India.

To add a RuPay credit card to Google Pay, you'll need to have a RuPay credit card and a Google Pay account.

Make sure your Aadhaar is linked to the same mobile number registered with the RuPay card that you want to add.

You can choose from a limited number of banks that issue RuPay credit cards and support Aadhaar-based verification. To learn more, contact your bank.

To add a RuPay credit card to Google Pay, follow these steps:

The UPI PIN for your RuPay credit card could be different from your credit card PIN.

You've now successfully added your RuPay credit card on Google Pay and can start transacting.

The SBI Rupay credit card offers some amazing benefits and features.

One of the benefits is the SBI Rupay credit card benefits and core features, which include a range of perks that make it a valuable card to have.

If you're considering getting an SBI Rupay credit card, it's essential to know the associated fees and charges.

Here are the fees and charges for the SBI Rupay credit card:

The SimplySAVE SBI Rupay card has a lower annual fee of Rs. 499, making it a more affordable option.

To apply for a RuPay credit card, you'll need to meet the eligibility criteria. You must be an Indian or NRI, over 21 years of age, and employed as a salaried or self-employed individual.

The eligibility criteria for RuPay credit cards vary slightly between different card types. For example, the IRCTC Rupay SBI card requires you to be over 21 years of age, while the SimplySave SBI card has different age and employment requirements depending on whether you're a salaried or self-employed individual.

Here's a breakdown of the eligibility criteria for the IRCTC Rupay SBI and SimplySave SBI cards:

To apply for a RuPay credit card, you'll need to meet the eligibility criteria. The good news is that these criteria are straightforward and easy to understand.

Indian citizens and Non-Resident Indians (NRIs) are eligible to apply for RuPay credit cards. This includes both salaried and self-employed individuals.

To be eligible, you must be at least 21 years old, regardless of the type of card you're applying for.

Here's a breakdown of the eligibility criteria for two specific RuPay credit cards:

So, make sure you meet these basic requirements before applying for a RuPay credit card.

To get a RuPay card, you'll need to have a savings or current account with a participating bank. These banks issue RuPay cards to their account holders.

You can apply for a RuPay card by visiting your bank's branch in person or through their online banking portal. Some banks also offer RuPay cards as a reward for their customers.

RuPay cards are issued to individuals who are 18 years or older and have a valid government-issued ID. You'll need to provide proof of your identity and address to the bank.

RuPay cards are not issued to non-resident Indians or foreigners. This is because RuPay cards are linked to a person's Indian bank account and Aadhaar number.

To get a RuPay card, you'll need to have a minimum balance in your account, which varies from bank to bank. Some banks may also have additional eligibility criteria.

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RuPay offers several alternatives to traditional payment methods.

In India, RuPay is widely accepted, with over 1.5 million PoS terminals and 1 million ATMs.

Visa and Mastercard are two other major payment options available in India.

RuPay's parent company, National Payments Corporation of India (NPCI), also offers a digital payment system called UPI.

UPI allows users to link their bank accounts to a single interface, enabling seamless transactions.