RuPay Card : Permit Banks To Issue RuPay Prepaid Forex Cards
The Reserve Bank of India (RBI), in a bid to broaden the scope of RuPay cards has decided to permit banks to issue RuPay Prepaid forex cards to customers and to issue such cards abroad.
- RuPay card is an Indian domestic card scheme conceived and launched by the National Payments Corporation of India (NPCI).
- Its mission is to fulfil the Reserve Bank of India’s vision of having a domestic, open-loop and multilateral system of payments in India.
- It works to enable electronic payment at all Indian banks and financial institutions.
- Since the transaction processing will happen domestically, it would lead to a lower cost of clearing and settlement for each transaction. This will make the transaction cost affordable and will drive the usage of cards in the industry.
- RuPay, being a domestic scheme is committed towards the development of customized product and service offerings for Indian consumers.
- Transaction and customer data related to RuPay card transactions will reside in India.