What is it?
RuPay is a combination of two words – Rupee and Payment. RuPay Card is an Indian version of credit/debit card. It is very similar to international cards such as Visa/Master.
Who initiated it?
National Payments Corporation of India (NPCI) initiated the launch of RuPay card in India. It was done with the intention of integration of payment systems in the country. It has also tied up with Discover Financial Services firm for promoting this.
How will it work?
RuPay debit cards are similar any other debit cards that you might hold now. You can access them in the 1.45 lakh ATMs and 8.75 lakh POS terminals across the country. It will also be accepted on 10,000 e-commerce websites. The card also comes with a high end technology chip named EMV (Europay, Master Card and Visa) especially for high end transactions. It also has an embedded micro processor circuit with information about the card holder.
The salient features of this card are as under:
Daily Maximum Transaction Limit:
- Rs. 25,000/- at ATMs for cash withdrawal, POS/ e-Commerce.(combined)
Note: There is no limit on number of transactions per day within daily transaction limit.