Rupay Card is yet another step which will take our country way ahead in finanicial inclusion and smoother and cashless transactions. The term “Rupay” is derived from the two words “rupee” and “payment”. Rupay was launched by National Payments Corporation of India to allow easier and secure domestic transactions among its member Banks. It is regulated by RBI. Rupay card was first issued by Bank of Maharashtra for farmers in March,2012.
Benefits of Rupay Card
- It will enable to bring the people who are transacting through the unorganised financial sector to the organised sector.
- It provides inter-operability between the various payment gateways operating in the country.
- It provides cost effective medium of transaction as costs due to clearing and settlement are eliminated.
- The transactions are secure and there is no leakage of confidential information.
- Transactions can be done through ATM, POS machines and even online.
Future Group was one of the first company which accepted rupay card for e-commerce transactions through their website and CCAvenue was the first payment gateway to process transactions through Rupay Card.
NABARD is also setting up infrastructure to use RUPAY Cards to penetrate into the financially unpenetrated rural sector and it will also add to transparency along with safety and convenience.
This is a great way to use ATMs without any increased risk, and bring those who are living in a cash only system to the current financial climate of cashless banking.
It’s always interesting to read about the etymology of words as well. There are so many things that I have come across where I think “how did anyone come up with that name and why?”.