If you are a consumer in any bank then you must have an idea about the plastic cards which bank gives you. And with that card, you can use it with many works like online payments, Withdrawal money etc. Yes, you have guessed right, I am talking about the ATM card cum Debit card cum Credit card. So today in this article we will gain knowledge about Rupay Debit Card as well as Rupay Credit Card and many more forms of this card.
What is Rupay
So we can say that Rupay is a kind of payment system introduced by the National Payment Corporation of India (NPCI) on March 12th 2012. This system was introduced under the vision of the Reserve Bank of India (RBI) to have a common payment system for all banks.
It basically uses the electronic payment system for fund transfer between the banks as well as the financial firms. And under this mission, NPCI launched a Rupay Debit card for international transactions.
Soon in the year 2019, Rupay completed its 100 crores (1 Billion) transactions via both offline and online modes.
When Rupay was not available in the Indian finance sector at that time, Visa and Master Card have gained a lot of market caps. But after the launch of the Rupay Debit card and Rupay Credit Card Indian creates its own stability for online transactions.
There are lots of Cards available in the market let’s understand what they are and why?
Types of Rupay Cards
1: Rupay Debit Card
In July 2018, Rupay announced this card for all Indian bank accounts. The actual meaning of this card is that it will be connected to your savings bank account and the bank will provide you with a 4 digit pin to use this card. You can use this card for many purposes like shopping money withdrawal etc. Here the word Debit represents that whenever you make any transaction it will deduct your savings bank account money.
2: Rupay Credit Card
In June 2017 more than 8 Indian banks were giving credit cards and in those 8 were public sector banks, 1 was private sector and the other was cooperative. And in 2018 a pilot project started for Rupay Credit card distribution by all banks under one umbrella. Rupay Credit card is also a type of financial transaction-related card same as a debit card. The main difference is that when you do any transaction it does not directly deduct the amount from your savings account, instead the bank pays for you. And after 30 to 40 days later you have to pay back with some extra interest charge.
Total 12 Banks launched RuPay Credit cards
- HDFC Bank
- IDBI Bank
- United Bank of India
- Union Bank of India
- Punjab National Bank
- Punjab and Maharashtra Co-operative Bank
- Saraswat Bank
- Canara Bank
- Central Bank of India
- Vijaya Bank
- Bank of India
- SBI Card
3: Rupay Platinum Debit Card
So here in this card, the cardholder receives lots of extra benefits and here is a list of features for the Rupay Platinum Debit Card. Users will have cover insurance of 200,000 rupees also access to the airport lounge. They can avail some offers at Amazon pay and many other merchants like Shopping, Retails, Pharmacy, Travel etc.
4: IRCTC SBI Platinum Card Rupay
We also know that booking a ticket from IRCTC is also a type of battle and their lots of surcharges and all. So here banks provide IRCTC SBI platinum card Rupay to their customers so that they can avail some cashback and offers on ticket booking.
International Presense of Rupay Debit Card
So Rupay company has also reached in international market with its card and payment system to tackle master and visa cards. Now if you are in the below countries then you can use your Rupay Debit Card or Rupay Credit Card to handle your transactions. Here are some listed countries below.
- UAE (United Arab Emarates)
- Saudi Arbia
- Myanmar (Burma)
- South Korea