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

Sunday, October 19, 2014

RuPay cards to boost e-commerce, says SBI

RuPay e-Commerce has roped in big online merchants such as IRCTC, Life Insurance Corporation (LIC), Flipkart and Snapdeal to facilitate online payments. 

RuPay cards’ acceptance has grown to over 15,000 online merchants with having a customer base of 30 million RuPay cards that are acceptable at all ATMs and 9.8 lakh PoS (point of sale) and over 15000 online merchants in the country, said RuPay in a statement. 

With this arrangement, RuPay card holders can book train tickets on irctc.co.in, make online payments for LIC premium, shop on Flipkart.com, Snapdeal.com, Homeshop18.com and book movie tickets on Bookmyshow.com. Also, the country’s largest bank- State Bank of India (SBI) has started accepting RuPay cards on its payment gateway. RuPay e-Commerce service was launched in June 2013 with an additional anti-phishing feature for security checks, the statement 

“Team-SBI is quite upbeat about the development. State Bank Payment Gateway (PG) facilitates every month, around 1.3 crore Card-Not-Present (CNP) transactions. Addition of RuPay platform will give a further boost to e-commerce transactions. Flipkart is one of our active merchants. Acceptance of RuPay Card for online transactions by Flipkart will add to the transaction flow from their site to our NetBanking and PG”, said B Sriram, Managing Director at SBI. 

Sachin Bansal, Co-founder and CEO, Flipkart, said “Payments is a core area of focus for Flipkart. We are constantly looking for ways to expand and improve the payments experience on our site and this initiative with RuPay is an important step in that direction. We look forward to working with SBI and NPCI on more such initiatives that will contribute towards enhancing the payments ecosystem for our customers”. 

RuPay scheme aims at addressing the needs of Indian consumer, merchants and banks with benefits attached to it including - lower cost, customized product offering, protection of information related to Indian consumers, electronic product options as relevant to untapped/unexplored consumer segments and Inter-operability between payment channels and products. 

A P Hota, MD and CEO, NPCI said, “Acceptance on large merchants like IRCTC, LIC, Flipkart, Homeshop18, Snapdeal and BookMyShow among others marks an important milestone for RuPay ecommerce. Today, 30 million RuPay cards have already been issued in the country. RuPay cards today are enabled at all ATMs across the country, 9.8 Lakhs POS terminals and over 15000 online merchants. It is our vision to touch every Indian with at least one payment mode of NPCI by 2020”
NPCI offers e-commerce solution PaySecure, through which a RuPay cardholder uses ATM PIN to make an online transaction which is easy and quick.

Monday, March 31, 2014

Axis Bank offers crop loans at ATMs on Kisan card



Private lender Axis Bank, launched its ‘Kisan Card’ to facilitate easy agriculture lending to farmers through ATMs. 

The electronic Kisan Card on the RuPay platform, will be offered to farmers or agrarian customers of the bank on their cash credit crop loan accounts. The offer will provide the convenience of visiting any ATM for cash withdrawals instead of visiting the branch. 

“The card provides queue free, 24x7 disbursement facility for farmers, allowing them to use their loan limit by withdrawing cash up to Rs 1 Lakh per day, in the required quantum, as and when required, thereby reducing their interest burden and negating the risk of carrying higher volumes of cash,” the bank said in a statement. 

R K Bammi, Executive Director – Retail Banking, Axis Bank said, “The launch of Kisan Card is a significant step towards introducing a branch-less, convenient and secure banking solution to the Agrarian consumer. Normally debit cards are linked to a Savings / Current account. In this case, Kisan Card is linked to the farmer’s Crop Loan account, which negates the need to go to the branch to transact. Almost 90-95 per cent farmers currently use the branch as an interface; we expect about 30 - 40 per cent farmers to migrate on to using this alternate channel actively.”

Tuesday, December 17, 2013

Kotak Bank launches initiative to bring Bengal milk co-ops under banking system

Mumbai-headquartered Kotak Mahindra Bank Ltd on Tuesday rolled out its financial inclusion programme across 75 milk cooperative societies of Amul in West Bengal. 

Called “Kotak Samridhi”, the initiative was rolled out across the districts of Burdwan and Hooghly.
It will see direct transfer of money to farmers' prepaid cards for their daily produce. The money transfer process will take place within the same day. 

Earlier, the payment cycle would be of three days. 

“Approximately, 8,000 farmers supplying milk to Amul through these cooperative will benefit through the programme,” Tushar Trivedi, Executive Vice President & Head Branch Banking, Kotak Mahindra Bank, said. 

According to him, Kotak has tied up with National Payment Corporation of India (NPCI) for using their RuPay platform for issuing the prepaid cards. 

Farmers need not necessarily have a bank account with Kotak Mahindra to obtain payments.
However, cooperative societies need to have accounts with the bank. 

Replicating the model
Kotak, which began the pilot project on financial inclusion here in the State in August this year, will now roll out a similar scheme for Amul in Gujarat. 

Roll out is expected to happen in two months time (around February). 

Over three lakh dairy farmers across 1,200 cooperative societies in the State will be part of the programme. 

“In Gujarat, roll out will happen in a phased manner,” Trivedi said. 

Kotak is also talking to other cooperative societies in Haryana and Punjab for extending the roll out to wheat and paddy. 

Talks are, however, in a nascent stage.