Showing posts with label npci rupay. Show all posts
Showing posts with label npci rupay. Show all posts

Monday, October 21, 2013

Banks yet to cut debit card fee at fuel pumps - Rupay Card

A year after the Reserve Bank of India (RBI) announced a cut in charges on debit card transactions, banks continue to impose a fee of 2.5% for payments at petrol pumps, thereby making an undue gain at the cost of the consumer. Earlier this month, large banks thwarted an attempt by the RBI-promoted National Payments Corporation of India (NPCI) from capping charges on debit cards that are part of NPCI's Rupay network.

Last year, RBI asked banks to cap the charges on debit card transactions at 0.75% for transaction values up to Rs 2,000 and 1% for larger transactions. But in debit card transactions at petrol pumps, banks continue to impose a 2.5% surcharge, which are mostly passed on to the consumer.

Sources said that NPCI had sent a communication to banks asking them not to charge more than 1% on its Rupay cards. Rupay cards were introduced by NPCI as India's answer to MasterCard and Visa. Sources said that the move has been stymied by banks who have called for more discussion on the issue.





The 2.5% surcharge has its origins in the days when credit cards were in their infancy and debit cards non-existent. Typically, when a bank installs a credit card swipe machine at a retail outlet, its agreement with the merchant bars any kind of surcharge being passed on to the customer.

But in the case of petrol pumps and Indian Railways, an exception was made allowing them to pass on the charges (described by banks as 'merchant discount rate'), to the customer. The exception was made to end an impasse where these government entities were refusing cards on the grounds that their margins were too low to absorb the credit card charges of 2.5%.

RBI, while slashing charges on debit cards, had used the rationale that the transaction cost of credit and debit card should not be identical. This was because credit card transactions required the bank to provide free credit to the customer until the monthly bill was issued. The bank also took on the risk of the customer defaulting on his obligations.

In debit cards, the money goes straight out of the customer's bank account and the only expenses are on account of using the network and in respect of security of transaction. In the West, regulators have already started capping charges on debit card transactions.

Bankers say that a huge transformation is taking place in payments as debit card transactions are set to outstrip payments by credit cards in coming years. In July 2013, banks saw 4.23 crore credit card transactions as against 5.24 crore debit card transactions. In value terms, however, credit card transactions continue to be higher at Rs 11,038 crore as against Rs 7,722 crore under debit. With the focus now on financial inclusion, the number of debit cards and set to go even higher.
 

Friday, October 4, 2013

IMPS – Interbank Mobile Payment Service

1. What is IMPS?
Interbank Mobile Payment Service (IMPS) is an instant interbank electronic fund transfer service through mobile phones. IMPS facilitate customers to use mobile instruments as a channel for accessing their banks accounts and remitting funds therefrom.

2. Presently, how are interbank fund transfers made using mobile phone?
Various banks are providing remittance facility through their mobile banking platforms. The interbank remittance request initiated from a mobile is processed by the beneficiary bank as a National Electronic Fund Transfer (NEFT) transaction. The status of such payment request is therefore not known instantly because NEFT payments are processed in batches from 9 am to 7 pm. The NEFT transactions are charged by banks and charges vary from bank to bank

3. Does the customer need to have a bank account for availing IMPS?
Yes, the customer needs to have a bank account with the bank which has enabled this facility.

4. Does the customer need to register to remit the funds through IMPS?
Yes. Customer should enroll for Mobile Banking Service with the bank where customer has an account. The registration process shall be as per their bank’s laid down procedures.

5. Is the beneficiary customer also required to register for IMPS?
The beneficiary customer should have their mobile numbers registered with the bank where he/she maintain the account and where he intends to receive the credit and should have a valid MMID provided by the bank. No need to specifically enroll for Mobile Banking Service of the bank.

6. What beneficiary details does the customer need to affect an IMPS remittance?
The beneficiary details required are:
a. Beneficiary’s mobile number
b. MMID of the beneficiary customer

7. What is MMID?
Mobile Money Identifier (MMID) is a seven digit random number issued by the bank upon registration. Remitter (customer who wants to send money) and Beneficiary (customer who wants to receive the money) should have this MMID for doing this interbank funds transfer.

8. Can a customer link more than one account to the same mobile number?
Yes. The customer can link the same mobile number to more than one account subject to bank offering that feasibility.

9. Incase if the customer has more than one account linked to his / her mobile number how does he select the account from which he / she intends to pay?
The bank will allocate a Mobile Money Identifier (MMID) for each account of the mobile banking customers. The customer can select the account using this MMID allocated to him / her.
The combination of mobile number and MMID helps as a mistake proofing step for the remitter and tries to mitigate the risk of wrong credit incase the remitter enters erroneous mobile number.

10. What is the Process flow of IMPS?
Step 1: Remitter sends instruction from his/her mobile through his/her bank provided application or SMS.
Step 2: Remitting bank validates the details of the remitter and debits his/ her account. This transaction is sent by the remitting bank to NPCI.
Step 3: Transaction is passed by NPCI to the beneficiary bank. Beneficiary Bank validates the details of the beneficiary customer, credits the account, sends confirmation NPCI about transaction status and sends a SMS to the beneficiary customer informing him of the credit.
Step 4: NPCI sends the transaction status to remitting bank which in turn informs the status of the transaction to the Remitter.
Step 5: Remitting bank send a SMS confirmation of the transaction to the remitting customer.

11. Is there any limit on the value of transactions in IMPS?
The limit is defined by RBI in the Mobile Payment Guidelines issued to banks. The customer can transact on IMPS subject to a daily cap of ` 50,000/- per customer overall for transactions through mobile for the funds transfer. Transactions up to `5000/- (RBI Circular No. RBI/2010-11/511 DPSS.CO.No.2502 /02.23.02/ 2010-11) can be facilitated by banks without end-to-end encryption.


12. Does the customer require a mobile handset of a particular model or make or features to enable this service?
It depends on the bank’s mobile banking interface requirements. This varies from bank to bank. The details can be obtained by the respective banks.

13. What can a customer does in case he / she is not able to install the mobile banking application on his mobile handset?
In case the customer is not able to install the mobile banking application on the mobile handset or the application is not functioning as desired, the customer may need to update the software on the mobile handset and re-install the mobile banking application on the same. If the problem is not resolved, the customer should then contact the helpdesk of the bank whose mobile banking facility the customer intends to use.

14. Can we withdraw and / or deposit money using IMPS?
Presently, the customers cannot withdraw and / or deposit money using IMPS.

15. What if IMPS registered mobile is lost or misplaced? Will anyone who comes into possession of mobile be able to make a remittance from customer’s account?
At the time of mobile banking registration, bank would provide the customer with a User id and MPIN (Mobile Personal Identification Number) for accessing the mobile banking facility. An IMPS remittance will not be possible without these two inputs.

16. What happens in case the remitter enters a wrong beneficiary mobile number for remittance?
The beneficiary details required for making a remittance are mobile number and MMID. The transaction will get declined in case anyone of these two numbers is erroneous and transaction gets reversed instantly.

17. What are the timings for initiating and receiving IMPS remittances?
IMPS transactions can be sent and received at any time and any day. There are no timing or holiday restrictions on IMPS remittances.

18. If the transaction is not completed will the customer get his / her money back? When?
Yes. In case for any reason, technical or business, the IMPS transaction is not completed the reversal of the remitters funds will happen immediately. In case if such a transaction becomes a subject to reconciliation wherein the status of transaction is not determined immediately, the reversal of funds will happen on the next working day.

19. What are the charges for the customer for sending and receiving remittances using IMPS?
The charges for remittance through IMPS are decided by the individual banks. Please contact your bank for the details.

20. Are there any subscription charges for the customers to avail this facility?
The charges for remittance through IMPS are decided by the individual banks.

21. How long does it take for the remittance to get credited into the beneficiary account number?
The funds should be credited into the beneficiary account within 30 seconds after initiated the transaction.

22. Can the remitter transfer funds from his / her to the beneficiary account in other bank?
Yes, the remitting customer can transfer funds to the beneficiary account in other IMPS member banks. The list of banks offering IMPS is available on website http://www.npci.org.in/bankmember.aspx

23. Is it necessary to have sufficient account balance to initiate a remittance?
Yes, the customer should have sufficient account balance to initiate a fund transfer.

24. Is it necessary to have a minimum balance to receive funds through IMPS?
This will be decided by the beneficiary bank.

25. How does the remitter come to know that his account is debited and funds have been credited in the beneficiary’s account?
The remitting bank sends a confirmation SMS to the remitting customer about the transaction initiated by him / her.

26. How does a beneficiary come to know of funds being credited to his / her banks account?
The beneficiary bank sends a confirmation SMS to the beneficiary customer informing him / her of the credit in the account.

27. Can a customer remit and / or receive remittance using the mobile number other than the one registered with the bank?
The customer can remit and / or receive funds using the registered mobile number only. In case he / she need to remit / receive funds using the other mobile number, he / she will have to approach the bank and complete the process of changing the registered mobile number for mobile banking.

28. When can the beneficiary use the funds received through IMPS?
The beneficiary can use the funds immediately on receipt of credit in the account. The funds received through IMPS are good funds and can be used immediately upon credit.


29. Are all banks offering IMPS?
This service has been launched as a pilot with seven banks viz. State Bank of India, Bank of India, Union Bank of India, ICICI Bank Ltd, Yes bank, Axis bank and HDFC bank. Many more banks joined IMPS afterwards. The updated list of banks offering IMPS is available on our website http://www.npci.org.in/bankmember.aspx

Monday, August 26, 2013

AP Grameena Vikas Bank opens 1.5 lakh no-frills accounts



Andhra Pradesh Grameena Vikas Bank (APGVB) has opened about 1.5 lakh no-frills accounts in eight districts on a single day as part of Direct Benefit Transfer (DBT) initiative.
The 638 branches together opened 72,122 accounts while the bank’s financial inclusion machinery under branch-less banking business correspondents model opened 75,320 no-frills accounts at 64 villages in Warangal district.

These accounts, opened with zero balance and seeded with Aadhar Cards, will be uploaded on NPCI Mapper along with other banks to join Aadhar Payment Bridge to facilitate electronic fund transfer like subsidies, scholarships etc., from the government departments concerned.

“The beneficiaries can withdraw the amount either at our branches or SBI group ATMs or through branch-less banking business correspondent agents (BCAs). Our bank started issuing RuPay ATM Debit Cards and has already in place BCAs,’’ APGVB said in a release on Friday.

Thursday, August 22, 2013

Global Domestic Payment Card Market Networks 2020 Foresight Report


International payment card networks such as Visa and MasterCard enjoy the majority of the global market share, enabling them to control pricing in their favor, leading to high transaction and settlement costs for the overall card payment channel. Owing to this, the idea of government backed domestic networks has started to gain momentum in a number of markets. The emergence of government-backed networks is expected to play a crucial role in the redistribution of market share; they are predicted to lower the cost of transactions and help in the growth of card services to a larger market through increased competition. The success of China’s UnionPay and India’s RuPay are expected to fuel the trend further. The ability to provide transaction facilities for up to 40% cheaper than international networks is expected to be the key growth driver for domestic networks, especially in emerging markets. Moreover, International networks have lagged behind in exploiting business opportunities in certain market segments such as micropayments, social benefit programs, and the reliance of the rural population on small financial institutions.

Scope for report “2020 Foresight Report: The Role of the Domestic Payment Card Network (http://www.reportsnreports.com/reports/267469-2020-foresight-report-the-role-of-the-domestic-payment-card-network.html) ”
  • This report provides comprehensive analysis of domestic payment card networks on a global scale with the current competitive landscape of different payment card networks and their market share in selected developed and emerging economies
  • Includes insights on both established and dominant domestic networks as well as new emerging schemes
  • Analyzes key market potentials including target markets, growth drivers and challenges
  • Examines key strategies adopted by domestic payment card networks to expand their business and increase revenues in both developed and emerging markets
  • Futuristic outlook about expected strategic response from international payment card networks to counter competition from local and national competitors
Competition among payment card networks is expected to accelerate over the next five years. This can be attributed to the rise of domestic networks in emerging economies and the opening of economies to international networks, such as in China. The rising competition is expected to have an impact on fees charged by card networks, which are expected to decline from the current levels and will also lead to a redistribution of market share. Although international card networks will continue to dominate the overall market over the next five years, domestic networks are expected to gain significant market share, driven by cost advantages and preference by government-aided financial institutions. The key target markets of domestic payment card networks include micropayments, small financial institutions and social benefit programs as well as traditional markets. Additionally, domestic networks are expected to increase their focus on smaller, independent stores with rising penetration of innovative technologies such as MPOS devices that support acceptance of card payments with minimal investment.

Thursday, August 8, 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, July 31, 2013

Aadhaar, RuPay Card, chip & pin need to coexist

The National Payments Corporation of India (NPCI) is emerging as the infrastructure provider for the banking system. Its entry has enabled bank accountholders free usage of any ATM in the country. Its Rupay card promises to save the country foreign exchange paid out to multinational giants as service charges for card payments. It is also providing the technology backbone for direct cash transfer which will replace government subsidies. In an interview with TOI, NPCI MD & CEO A P Hota speaks of how the payment landscape will evolve.

What is the progress on Rupay—India's domestic card payment system? How does it compare with China Union Pay?

Our main achievement is that we are "cardifying" customers of those banks who have never seen a card. Until Rupay came hardly 50-60 banks were issuing cards. Now the number of banks issuing cards is 106. We plan to reach out to 500 to 600 banks in a year for issuance of cards. Out of 58 rural banks, 50 have started issuing Rupay cards which can be used in any ATM or for retail payments and ecommerce.


Where will the cards be accepted?

Of the 9 lakh point of sales (POS) terminals, 2.10 lakh are active on Rupay. Three banks—HDFC Bank, ICICI Merchant Services and Axis Bank—account for 80% of POS terminals in the country. We are talking to all three. We expect that 90% of the terminals would be active by September-end. Among public sector banks, SBI is the largest and we have already activated 85,000 of their POS machines. In e-commerce, we have made a beginning by tying up two banks out of 17. We are targeting the remaining. There are about 12,000 merchants in online space and we are working to get them to accept Rupay. Merchants will have to make a small change of providing one more link to Rupay payments.

There has been some hype over the 1.4 million Aadhaar-based micro ATMs? Who will set them up?
This 1.4 million number has been arrived at by calculating two terminals per village for each of the six lakh villages in the country and remaining two lakhs for the cities. The micro ATMs are similar to point of sales terminals with biometric authentication. Under the UIDAI scheme, banks would be reimbursed cost of the terminals to the extent of Rs 15,000 the moment they reach 2000 transactions. The financial support is linked with the volume of transactions. Nabard has said that it will provide Rs 25,000 per terminal if they are set up by rural banks. Regional rural banks (RRBs) are dependent on sponsor public sector banks. This gives an opportunity to PSU banks to leverage RRBs to reach out to rural areas for financial inclusion.

There seems to be some debate over whether cards should have chip-and-pin based authentication or Aadhaar-based biometric authentication?
It is not debate between Aadhaar and chip and pin. The market is very large and the potential of Aadhaar is in taking needs of another segment. If everyone has to move to cashless transaction in a secure mode that will need the coexistence of both. As against average cost of Rs 20 for a magnetic stripe card, the cost is around Rs 80 for a chip card. For financial inclusion, Aadhar is a better option because in villages maintaining the confidentiality of PIN is difficult as this would require a certain degree of understanding of the risk associated with it.

There have been a number of frauds in ATMs of late. As their network provider what are you doing to cut frauds?
We are asking banks to go in for fraud-risk mitigation (FRM) system. FRM system is a neural system that can identify suspect transactions. RBI has also recommended that banks should put in closed circuit cameras in all ATM locations. But because cloning has become so easy, sooner or later the country will have to migrate to a chip and pin or Aadhar based authentication.

There are over 5 crore accountholders registered for IMPS (instant mobile-based payment service). When will the usage take off?
If IMPS has to cover everybody it is possible only if usage goes beyond those with smartphones. It needs to cover Rs 1,000 handsets as well. For such handsets, the only option is SMS or USSD. But SMS is unsecure as the PIN is exposed so the best system is a server-based one. So USSD is the answer. But this requires partnership with telecom companies. The telcos want bank to pay charges on behalf of customers, but if banks do this tomorrow there may be a demand from customers that bank pay data charges for mobile and internet.

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

NPCI Launches RuPay PaySecure, an e-commerce Solution

http://www.marketwatch.com/story/npci-launches-rupay-paysecure-an-e-commerce-solution-2013-06-24

Acculynk's PaySecure(R) online PIN pad authenticating RuPay consumers


MUMBAI, India, Jun 24, 2013 (BUSINESS WIRE) -- National Payments Corporation of India (NPCI), the umbrella organization of all retail payment systems in India, today announced the much-anticipated RuPay PaySecure e-commerce solution at an inaugural event in Mumbai. 

RuPay PaySecure solution, which is devoted to serve the citizens of India with exceptional and user-friendly features, was launched by Shri H. R. Khan, Deputy Governor of Reserve Bank of India (RBI), in the presence of Indian banking stalwarts. 

With the RuPay PaySecure solution, anyone having RuPay cards can make online payments to fulfill various need-based services such as reservations, booking, ticketing, shopping, utility bill payments in a secured manner. 

Bank of Baroda, Union bank of India and Kotak Mahindra Bank are first to join as acquirers whereas Bank of Baroda, Union Bank of India and Bank of India have become issuers. State Bank of India and HDFC Bank will soon join the bandwagon. 

Speaking at the launch, Shri A. P. Hota, Managing Director & CEO, NPCI, said, "Enabling the RuPay card for online transaction through the PaySecure solution will positively impact e-commerce growth in India and be positive for issuers, merchants and consumers. With this launch, NPCI is one step closer to fulfilling the vision of bringing millions of RuPay cardholders to e-commerce." 

"The launch of PaySecure with RuPay in India, Acculynk is well on its way to becoming the first global debit authentication network, bringing together debit cardholding consumers from across the globe to merchants," said Ashish Bahl, CEO, Acculynk. "Our ability to bring millions and frankly billions of new consumers from debit centric markets to U.S. merchants with a single PaySecure implementation is a game changer for e-commerce." 

NPCI's RuPay PaySecure solution has integrated with 100-plus merchant websites across multiple categories that would accept RuPay card for online payment services. NPCI is aiming to cover 100% of e-commerce market by this year-end, for which, significant efforts are being made consistently.
RuPay PaySecure conforms to the RBI mandate of two factor authentication- firstly, it uses two security parameters to authenticate a customer and authorize transaction through the participating banks, and secondly, the solution uses 'image selection' for ensuring additional security of every single transaction. This innovative authentication methodology simplifies and improves the existing e-commerce experience of the cardholder as they don't need to remember complicated passwords or suffer through transaction drops or time-outs, thus making the service more user-friendly and quicker. 

NPCI has partnered with US-based online security specialized firm Acculynk to integrate to Acculynk's patented technology that will address the critical internet based frauds targeted at banks and their customers such as - cyber-attack mechanisms like phishing, key-logging, and spyware/malware. NPCI will address these issues with effective visual security checks such as bank card themed PIN pad, mouse click data entry, customer's personalized parameters and more. 

Enablement of RuPay debit card, India's domestic card, for e-commerce is a big step towards online payment revolution. RuPay cards issuance has grown to over 3 million in just one year ever since it has been launched in March 2012, and the numbers are adding up. RuPay debit cards are being issued by 20 commercial banks, 32 Regional Rural Banks and over 75 co-operative banks. 

At the end of April 2013, more than 336 million bank customers were issued debit cards growing at compound annual rate of 18 percent with the number of credit cards in the market under 20 million, growing at between six and seven percent. The Internet and Mobile Association of India estimates India has 52 million active Internet users and 40 percent of them have shopped online. The introduction of RuPay as an online payment method is expected to contribute to a substantial increase in the number of active online shoppers. 

About NPCI
National Payments Corporation of India (NPCI) is the umbrella organization of all retail payment systems in India and is set up by the banks in India with the support and guidance from Indian Banks' Association. The organization has been mandated to build and operate central infrastructure for payment systems like ATM Switching, Mobile Payments, Cheque Truncation System, POS Switching, 24 * 7 remittance system and Financial Inclusion transactions. The organization has also a mandate to build a domestic card payment scheme.
Visit http://www.npci.org.in 

About Acculynk
Acculynk secures online transactions with a suite of software-only services backed by a patented authentication and encryption framework that provides greater security for issuers, EFT networks, merchants and payment processors. Acculynk's PaySecure(R) utilizes a graphical PIN-pad for the secure entry of a consumer's PIN online and is available to merchants through existing acquirer relationships, enabling speedy implementation. PaySecure is currently enabled on over 6,000 merchant websites. Acculynk has partnerships with 11 EFT networks to process PaySecure transactions and with six leading payment processors, and is certified with PULSE, First Data and Master Card, among other key industry leaders. Additionally, Acculynk solutions include PayLeap, a gateway and acquiring and card processing services, and Payzur, a debit-based P2P solution.

Wednesday, June 19, 2013

NPCI’s RuPay Enables E-Commerce Payments; RuPay Roadmap

Rupay Logo
http://www.medianama.com/2013/06/223-rupay-e-commerce-roadmap/



NPCI’s RuPay Enables E-Commerce Payments; RuPay Roadmap

National Payments Corporation of India‘s (NPCI) payment network RuPay has now started accepting e-commerce payments, reports NextBigWhat. The network was previously limited to ATMs, prepaid cards and point of sale (PoS) terminals.
Its currently not clear as to when NPCI enabled this service, since there is no mention of this on the website, however several websites like Coke2home, JustRechargeIt and FutureBazaar have started accepting RuPay payments as a payment option, as indicated by the report. Payment gateway company CCAvenue* also told the publication that it is one among the NPCI authorized companies to process RuPay debit cards.
Last month, NPCI Managing Director and CEO A P Hota had told PTI (via The Economic Times) that RuPay network will be e-commerce ready by May 25, following which RuPay will be available on the entire e-payments space. Hota had claimed that it has issued 3 million RuPay debit cards as of March end, up from 200,000 in March 2012 and hopes to cross the the 10 million mark by the end of current fiscal (FY 2014). He also claimed that these cards are now accepted at 1.12 lakh ATMs and around 1.8 lakh merchant terminals in the country.
Launched in March 2012, RuPay competes with international payment product facilitators like MasterCard and Visa. At launch, Four public sector banks, State Bank of India, Bank of Baroda, Bank of India, and Union Bank of India, had launched debit cards based on the platform and six banks had signed MoUs to launch cards on the the RuPay platform.
This seems to have increased to nine banks now including public sector banks like Canara Bank, Punjab National Bank, Oriental Bank of Commerce, Punjab & Sind Bank and private bank like Federal Bank, as indicated by the ET report.
RuPay charges about 0.01% transaction fee and claims that it will allow Indian banks to save on foreign currency as the fees to international payment companies will be paid in rupees instead of dollars, as indicated by Livemint report. NPCI has also partnered (pdf) with Discover Financial Services in March 2012, to expand its services globally. Earlier this month, Punjab government initiated a special project to make online payment to the Artiyas through ‘RuPay Debit Card’ within 48 hours of the procurement.
RuPay Roadmap: As per NPCI’s website, it plans to roll out RuPay in five different phases – ATM, Debit Cards, Prepaid cards & PoS terminals, e-commerce and virtual cards, EMV and contact less cards and Credit cards. Of this, the organization has now completed e-commerce rollout with virtual cards, contact less cards and credit cards pending.
RuPay Roadmap
While, the website hasn’t disclosed any specific timeline on this roadmap, remember that RBI has mandated all banks to convert the existing magstripe cards to EMV cards all customers who have used their cards internationally at least once, by June 30, 2013.

Friday, June 14, 2013

Rupay Card: ATM card of Gramin and Co-operative Banks

Technological advancements are affecting lives like never before. Demand for ATM-cards which facilitates easy cash withdrawal is rising day by day. Now, public and private sector banks are planning to provide ATM cards to most of the bank account holders. However, the customers of Gramin and co-operative banks are still devoid of the ATM-card facility. These banks are also mulling to extend the ATM-card facility to its customers as well. There are plans to provide indigenous and highly secured ‘Rupay Card’ to its customers.

Baroda Uttar Pradesh Gramin Bank has already initiated the process of providing ATM-cards. Regional Manager G P Garg said that 5,000 cards will be issued in first phase. Banks are requesting applications for issuance of cards. He further said that initially the bank will not be setting up its own ATM centre. However, the customers will be able to withdraw cash from any other bank’s ATMs. Whereas, urban co-operative bank has also moved in direction of issuing ATM cards to most of the customers. Managing Director Shreepal Kashyap said that the customers will be issued ATM cards by the last week of July. Two ATM centre will also be installed.

Rupay Card

Rupay card is based on indigenous technique. The domestic card is designed by National Payments Corporation of India. It has been introduced with an objective to minimize the overall transaction cost of banks. Till now, the ATM cards were designed on foreign techniques of master and visa cards. - See more at: http://post.jagran.com/rupay-card-atm-card-of-gramin-1371213284#sthash.h0IhJ5ra.dpuf
Technological advancements are affecting lives like never before. Demand for ATM-cards which facilitates easy cash withdrawal is rising day by day. Now, public and private sector banks are planning to provide ATM cards to most of the bank account holders. However, the customers of Gramin and co-operative banks are still devoid of the ATM-card facility. These banks are also mulling to extend the ATM-card facility to its customers as well. There are plans to provide indigenous and highly secured ‘Rupay Card’ to its customers.

Baroda Uttar Pradesh Gramin Bank has already initiated the process of providing ATM-cards. Regional Manager G P Garg said that 5,000 cards will be issued in first phase. Banks are requesting applications for issuance of cards. He further said that initially the bank will not be setting up its own ATM centre. However, the customers will be able to withdraw cash from any other bank’s ATMs. Whereas, urban co-operative bank has also moved in direction of issuing ATM cards to most of the customers. Managing Director Shreepal Kashyap said that the customers will be issued ATM cards by the last week of July. Two ATM centre will also be installed.

Rupay Card
Rupay card is based on indigenous technique. The domestic card is designed by National Payments Corporation of India. It has been introduced with an objective to minimize the overall transaction cost of banks. Till now, the ATM cards were designed on foreign techniques of master and visa cards. - See more at: http://post.jagran.com/rupay-card-atm-card-of-gramin-1371213284#sthash.h0IhJ5ra.dpuf
Technological advancements are affecting lives like never before. Demand for ATM-cards which facilitates easy cash withdrawal is rising day by day. Now, public and private sector banks are planning to provide ATM cards to most of the bank account holders. However, the customers of Gramin and co-operative banks are still devoid of the ATM-card facility. These banks are also mulling to extend the ATM-card facility to its customers as well. There are plans to provide indigenous and highly secured ‘Rupay Card’ to its customers.

Baroda Uttar Pradesh Gramin Bank has already initiated the process of providing ATM-cards. Regional Manager G P Garg said that 5,000 cards will be issued in first phase. Banks are requesting applications for issuance of cards. He further said that initially the bank will not be setting up its own ATM centre. However, the customers will be able to withdraw cash from any other bank’s ATMs. Whereas, urban co-operative bank has also moved in direction of issuing ATM cards to most of the customers. Managing Director Shreepal Kashyap said that the customers will be issued ATM cards by the last week of July. Two ATM centre will also be installed.

Rupay Card
Rupay card is based on indigenous technique. The domestic card is designed by National Payments Corporation of India. It has been introduced with an objective to minimize the overall transaction cost of banks. Till now, the ATM cards were designed on foreign techniques of master and visa cards. - See more at: http://post.jagran.com/rupay-card-atm-card-of-gramin-1371213284#sthash.h0IhJ5ra.dpuf
Technological advancements are affecting lives like never before. Demand for ATM-cards which facilitates easy cash withdrawal is rising day by day. Now, public and private sector banks are planning to provide ATM cards to most of the bank account holders. However, the customers of Gramin and co-operative banks are still devoid of the ATM-card facility. These banks are also mulling to extend the ATM-card facility to its customers as well. There are plans to provide indigenous and highly secured ‘Rupay Card’ to its customers.

Baroda Uttar Pradesh Gramin Bank has already initiated the process of providing ATM-cards. Regional Manager G P Garg said that 5,000 cards will be issued in first phase. Banks are requesting applications for issuance of cards. He further said that initially the bank will not be setting up its own ATM centre. However, the customers will be able to withdraw cash from any other bank’s ATMs. Whereas, urban co-operative bank has also moved in direction of issuing ATM cards to most of the customers. Managing Director Shreepal Kashyap said that the customers will be issued ATM cards by the last week of July. Two ATM centre will also be installed.

Rupay Card
Rupay card is based on indigenous technique. The domestic card is designed by National Payments Corporation of India. It has been introduced with an objective to minimize the overall transaction cost of banks. Till now, the ATM cards were designed on foreign techniques of master and visa cards. - See more at: http://post.jagran.com/rupay-card-atm-card-of-gramin-1371213284#sthash.h0IhJ5ra.dpuf