The popularity of the PM’s Jan Dhan Yojna can be evaluated from the fact that it has been registered in Guinnees Book of World records. To add more to its benefits, the government has passed a provision of RuPay debit card. It can be seen as an India’s answer to world’s top most transaction processing cards.
The issues related to RuPay card is dealt by National payment cooperation of India. It was designed to have a native and a multilateral system of transaction processing in India. It helps the user and the banks in following way:
- Faster processing of transactions: Since all the transactions will be taking place through domestic means within India, the processing will pace up.
- Lesser processing fee: Again, since all the transactions will be taking place within India through RuPay, there will be lesser processing fee per transaction that will be beneficial for the banks and the users as well.
- Cost:These cards are quite affordable. Thus it allows the card technology and the banking facility to reach remote villages.
- Acceptance in ATM’s and other transaction portals: RuPay card is accepted widely in over 1.45 lakhs ATM’s. Over 8.75 lakhs POS terminals allowed its use and over 10000 e-commerce sites use this card.
- Customized products and services: Since RuPay card is a domestic card, it offers a variety of benefits to the Indian users. A large range of customized products and services are being offered for the native consumers.
- Protection of Indian citizen’s privacy: All the transactions through RuPay card are limited to India only. Thus all the consumer data related to the transactions and transaction history will reside to India only.
- No issues about quarterly processing fee: RuPay is issued by a government body that allows various banks to use its services without any extra quarterly processing fee.
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