Showing posts with label POS. Show all posts
Showing posts with label POS. Show all posts

Sunday, April 5, 2015

RuPay Card Offers 1% Cashback: What to Know

RuPay Card Offers 1% Cashback: What to Know

The RuPay card, launched by the National Payments Corporation of India (NPCI), is now offering 1 per cent cashback in a direct challenge to international payment card companies like Visa and MasterCard. The cashback facility is available across all RuPay debit cards, which can be used at ATMs, point of sale terminals (PoS), and online transactions.

This implies whatever purchase one makes using the RuPay card, 1 per cent of that purchase amount will be credited back to the account of the cardholder.

Apart from public sector banks, RuPay cards are also issued by regional rural banks, co-operative banks and some private sector banks.

Here are the other benefits of RuPay cards.

1) Lower Cost: Being of Indian origin, RuPay card is cost effective for users as it charges lower processing fees for domestic transactions compared to other cards. "Since the transaction processing will happen domestically, it would lead to lower cost of clearing and settlement for each transaction," NCPI says on its website.

2) Faster Processing: All RuPay card payments are processed within India. This makes RupPay card transactions faster than other international cards.

3) Security: RuPay being a domestically developed card, all transaction and customer data related to this card transaction reside in India. It has also launched an e-commerce solution called PaySecure, which provides a secure platform for e-transactions. The platform offers enhanced security measures in addition to the RBI mandated 2-factor authentication requirement like registration, one-time password (OTP), image-based authentication and anti-phising measures.

Like other international debit cards, RuPay cards also use EVM (Europay, Master, and Visa) chip, a global standard for credit card and debit card payments based on chip card technology. In an EVM card each transaction at point of sales is authenticated through entry of a personal identification number to verify the genuineness of cardholder.

EVM-based cards have more security features than magnetic-strip cards where typically only the card's number and expiry date is processed. EVM cards contain more information which needs to be verified at a point-of-sales transaction, making transactions more secure.

Monday, March 3, 2014

DK becomes first district in State to provide RuPay cards

Dakshina Kannada district became the second district in the country after Raigad in Maharashtra, to introduce the facility of debit cards to farmers and customers of the Central Co-operative Banks. 

NABARD Chief General Manager B R Chinthala launches RuPay Kisan Card at  a programme held at SCDCC Bank in Mangalore on Tuesday. DH Photo

With the South Canara District Central Co-operative Bank (SCDCC) introducing RuPay Kisan Card to the farmers, a large number of farmers with their accounts in Central Co-operative Banks in the district, who were deprived of electronic payment system facility, will now get an opportunity to use debit cards like any other customers of commercial banks. The SCDCC management, introduced RuPay Kisan Card for farmers and RuPay Debit Card for its other customers, with the assistance from NABARD, at a formal programme at the bank’s head office in the city on Tuesday.

Speaking on the occasion, SCDCC Chairman M N Rajendra Kumar said that the SCDCC was the first co-operative bank in the State to introduce the facility, wherein nearly 90,000 farmers with Kisan Credit Card will avail the facility of debit card. Micro ATMs ill be placed in all the 166 primary co-operative societies and in their branches, and in all the branches of the SCDCC Bank, enabling the RuPay Kisan Card holding farmers and RuPay Debit Card holding customers to swipe and withdraw or deposit money in their account.
Farmers who have availed Kisan Credit loans can open an account with the SCDCC Bank through Primary Co-operative Societies and make use of the debit card facility.

Aadhaar number can be linked to the same account, for availing the government subsidy facilities. The account holders can use the debit card in any of the ATM machines with RuPay symbol. The SCDCC Bank has plans to introduce internet banking and inter-bank mobile payment system in the days to come, Rajendra Kumar said.

NABARD extends support

Launching the facility, NABARD Chief General Manager B R Chinthala said that the Central government has directed the NABARD to introduce core banking solutions or electronic payment systems in all the Central Co-operative Banks at the earliest.

Though debit cards were first introduced in a co-operative bank in Raigad in Maharashtra, Dakshina Kannada is the first district to introduce the facility in a full-fledged manner.

“If such facilities are not offered to customers, there is a danger of CCB customers, migrating to commercial banks. Therefore, the NABARD intends to introduce the facility in all the CCBs of Karnataka within six months, following the footprints of Dakshina Kannada. The NABARD has extended a financial support of Rs 1.75 crore to the SCDCC Bank for introducing debit card facility and we are ready to offer the required amount to any of the co-operative banks in the State,” he said.

Further, he said that the RuPay system was more advantageous for the banks in cost cutting, as the banks normally shell out Rs six per transaction to the US based companies, in Master and Visa cards.

The RuPay gateway system is designed by the Government of India, and the banks need to shell only 40 paise per transaction. The government has entrusted the NABARD, the task of ensuring that all co-operative banks are brought under RuPay.

“The RuPay cards are not just restricted to transact business from ATMs of co-operative banks or Point-of-Sale (POS) machines, but also enable the transaction of commercial establishments anywhere.

RuPay Kisan Cards
and RuPay Debit Cards were symbolically distributed to five farmers and five customers, on the occasion.

Wednesday, December 25, 2013

Central Bank of India launches new mobile banking app, RuPay debit card


The Central Bank of India, which is celebrated its 103rd Foundation day on Monday, has launched a new mobile banking application and a EMV (Europay, Mastercard, Visa) compliant 'RuPay' debit card.
Finance Minister P Chidamabaram launched the scheme, along with 103 branches and 103 ATMs of the bank, through video conferencing.

Rajeev Rishi, Chairman and Managing Director of the Bank, said the card would help traders to draw Rs. 40,000 a day or Rs. 1 lakh in case of international transactions.

The RuPay Debit Card would be accepted at all channels, including - ATMs, PoS machines, e-commerce sites, now that EMV chip and PIN cards with global acceptability have been introduced, an official of the bank said.

The EMV-compliant RuPay Debit Card is based on the Swadeshi Platform and is more secure with in-built security chip, he said.

The mobile banking application is said to be intended to promote greener and eco-friendly channels of banking, while at the same time facilitating all types of customers to avail banking services on the go.
Rishi said the bank had always been a common man's lender and chose the occasion to focus on the rural and underprivileged sector as well.

The Central Bank of India also launched a special Chola Arogya Bhima Health Insurance Policy through the Finance Minister, to provide affordable health insurance to 1.03 lakh rural families. 503 women's self-help groups were linked with the Bank's financial assistance.

R K Goyal and Animesh Chauhan, executive directors of the Central Bank, were also present at the occasion.

The finance minister also inaugurated the Central Bank's CSR activities in 103 government schools (100 in Central Bank's lead districts and three in Sivaganga District).

Wednesday, September 18, 2013

Morpho becomes first RuPay-certified vendor for chip card manufacturing in India

Morpho (Safran) today announced that its Indian subsidiary Syscom has been certified as the first and to date only payment card manufacturer in India for the manufacturing and personalization of chip cards for RuPay, the Indian payment card network by National Payments Corporation of India (NPCI).
The RuPay chip card is based on the D-Payment Application Specification (D-PAS) platform, which is the EMV* technology of Discover Financial Services (DFS). The RuPay chip cards will thus be accepted at all Discover Point of Sale terminals and ATMs globally in addition to the vast network of RuPay-enabled ATMs and Point of Sale terminals in India.

"This certification recognizes Syscom's commitment to maintain technology and quality leadership over all other card manufacturers in the country to meet banks' requirement for payment cards," said Sanjeev Shriya, SVP Sales India at Morpho, e-Documents Division and Managing Director, Syscom. "The chip cards are based on international specifications that provide protection to banks and customers against card skimming and counterfeiting frauds. We are now fully equipped to meet the stringent security and certification requirement of the banks."

* EMV (Europay, MasterCard and VISA) is becoming the global standard in the migration from magnetic stripe cards to chip-based cards. EMV is an interoperability standard developed by the three financial institutions to ensure that all Europay, MasterCard, and VISA-branded smart cards and all smart card-reading POS terminals and ATMs work together to deliver the highest level of security.

Tuesday, September 17, 2013

There's something for everyone in latest global payment cards data

The publication of RBR's global payment cards research provides, among other things, an annual opportunity to analyze how the different card schemes are matching up.
Last year's research highlighted the meteoric rise of UnionPay, and in many ways this remains the outstanding feature again this year, with the Chinese scheme growing its share of cards in issue to 34.5 percent — well ahead of its main competitors.

To some extent all the main schemes will be pleased with the new figures, however. Visa's V Pay, while still something of a niche European scheme, grew its card base by more than 50 percent, for example. And with an overall increase of more than 8 percent, MasterCard brands saw slightly higher growth in card numbers than their Visa counterparts.

The other main schemes — American Express, Diners Club, Discover and JCB — also grew their cards in issue, but it was the 12 percent growth in domestic scheme card numbers that caught the eye here. This only just kept pace with the global growth driven by UnionPay but was nevertheless ahead of most other schemes.

Growth of domestic schemes in less developed markets is likely to be a feature of the global cards scene for the next few years, with Brazil's ELO, India's RuPay and expanding schemes in other large markets such as Mexico and Nigeria.

There is no right way of comparing schemes — while UnionPay now dominates in terms of the number of cards, it must be remembered that most of these are in one country and that UnionPay's share of the number and value of transactions still lags behind the other main schemes.

Interestingly, while UnionPay makes up a more modest 4.4 percent of transactions, this rises to 20.5 percent of the value of global card payments. The message here is that it is only a matter of time before there is an explosion in the number of global card transactions when Chinese people start using cards for more everyday purchases.

Wednesday, July 31, 2013

NPCI launches chip-based debit cards for improved security

With the aim of providing better security to card holders, payment service provider National Payments Corporation of India (NPCI) has rolled out chip-based debit cards under the RuPay brand.
The chip card has to be inserted into the machine so that the user can key in a unique PIN to complete the transaction, which enhances the security level. The chip cards are based on international specifications that provide protection to banks and customers against card skimming and counterfeiting frauds, NPCI said in a statement.
Bank of Baroda and Saraswat Co-operative Bank are the first two banks to issue these cards. 

The card will be accepted at all channels including ATMs, point of sales (PoS) machines, e-commerce and now EMV (card standard developed by Europay, MasterCard and VISA) chip and pin cards across the globe. 

A. P. Hota, Managing Director and CEO, NPCI, says, “RuPay, a benchmark card scheme of NPCI, offers both modes of chip card — full EMV issuance and quick EMV issuance that will offer all the safety measures required of a next-generation card payment system.” 

Most banks are likely to opt for Quick EMV issuance of the RuPay card as there is no additional fee prescribed in it and also to meet the deadline of November 30 as prescribed by the Reserve Bank of India, to be issued by banks to all customers opting for international cards. Additionally, the Quick EMV option requires minimal changes at the banks’ host system to be borne by lower cost. Whereas, full EMV issuance entails higher cost and a much longer time, the company said.

Wednesday, June 26, 2013

RuPay cards can be used online

Account holders in rural banks and small cooperatives can now make online purchases with the National Payment Corporation of India launching an e-commerce solution for its RuPay card. RuPay is India's answer to Visa and MasterCard and has been set up at the behest of the Reserve Bank of India (RBI) to bring down transaction costs and spread electronic payments.

"Functionality across ATMs, credit card point of sale terminals and over the internet are the holy trinity of any electronic payment service. Until now, the card could be used in ATMs and as a debit card only. Now, with the e-commerce platform also available, banks should have no reluctance in issuing RuPay cards," said A P Hota, MD & CEO, NPCI.

Over 30 lakh RuPay cards have been issued since it was launched in March 2012. RuPay debit cards are being issued by 20 commercial banks, 32 RRBs and over 75 co-operative banks. As against this, commercial banks have already issued over 30 crore debit cards, most of them on the Visa and MasterCard network.

What makes RuPay transactions distinctive from Visa or MasterCard transactions is that the ATM pin number doubles as the secure code since RuPay manages both the ATM and e-commerce network.
Speaking at the launch, H R Khan, deputy governor, RBI, said that the objective was to ensure that RuPay transactions touched every Indian by 2020.

"The whole purpose of a payment system is to reduce the use of cash. One of the unintended consequence of increasing the number of ATMs has been that demand for cash has actually gone up," he said.
Khan said that RBI has directed banks to improve the security level on cards by introducing a chip and pin-based payment system by end-June 2013. "We will be reviewing the progress in the next couple of days," he said.

The company will set up machines and earn revenues from fees for every transaction from the card-issuing bank.

Tuesday, March 19, 2013

RuPay cards to reach out to more farmers by June 30


PUNE: The National Bank for Agriculture and Rural Development (Nabard) wants the RuPay-enabled debit cards to reach out to a larger rural population and has asked all district central cooperative banks to implement core banking system by June 30.

The government, through the National Payments Corporation of India (NCPI), had introduced the domestic card scheme, RuPay, to rival Visa and Mastercard. The NCPI then went on to work with major banks to get them on board to launch the RuPay Kisan Card and the first to launch it was the Bank of Maharashtra, which has issued it to farmers who have accounts with the bank. "We have issued more than 30,000 RuPay-enabled cards. The cards will ensure judicious use of cash limits by farmers. Once the loan is credited to the account of farmers, they can purchase things using the card as per the requirement," said Balasaheb Tavhare, assistant general manager, information technology and management information systems, Bank of Maharashtra.

Now, to accelerate the process, Nabard has provided financial assistance to 11 district central cooperative (DCC) banks for implementing core banking system, in addition to funding regional rural banks that have farmers as account holders in large numbers. Other DCC banks, such as those in Raigad, Mumbai, Pune, Akola and Sangli, have either completed or are in the final stage of implementing CBS and have borne the cost of implementation from their own resources. Nabard is also making point of sale (POS) machines available at all the district and tehsil level, said an official. Nabard will also fund these banks for issuing RuPay cards and point of sale machines.

The card can be used in urban areas as well. The core banking system enables a customer to access his/her bank account from any branch. The facility is further extended to automated teller machines, estimated to be over 1 lakh across the country, which the account holder can use to withdraw money. The RuPay-enabled card will act as a debit cardfor farmers for withdrawal of cash, said a senior Nabard officer.

As per the 2011 census, there are 1.30 crore rural households in the state of which 34 lakh have Kisan credit cards (KCC). Kisan card is the Union government's initiative for connecting farmers to banks and channelize funds and assistance to their accounts. The RuPay card is being issued first to farmers who hold the Kisan credit cards. All the rural households in the state would also get RuPay cards eventually.

P M Ghole, general manager at the regional office of Nabard, said, "Nabard will bear the entire cost of making the cards to be distributed to farmers and subsequent transactions for the first three years. We have also asked the DCC banks to appoint correspondents with point of sale machines and conduct training programmes for rural people who will be using such cards for the first time."

RuPay is India's own domestic card payment network to rival Visa and Mastercard and was launched in March, 2012. To promote RuPay, the Reserve Bank of India has permitted private players to set up ATM machines connected to the RuPay platform in urban and rural areas. Once all the credit and debit cards issued by rural, public sector and private commercial banks get linked on the RuPay platform, a card holder will be able to withdraw cash from any ATM machine in the country.

30,000 farmers issued RuPay Kisan Card by Bank of Maharashtra

All district central cooperative banks asked by NABARD to implement core banking system by June 30 to widen RuPay penetration in rural parts

NABARD is also funding 11 such banks for speedier implementation of core banking system
Total Number of Card holders in the country: 3,330 lakh