UPSC Current – PM Modi, Bhutan PM jointly launch RuPay card Phase-II

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PM Modi, Bhutan PM jointly launch RuPay card Phase-II

Why in News?

  • Prime Minister Narendra Modi along with his Bhutanese counterpart Lotay Tshering on Friday launched RuPay card Phase-II that will allow Bhutanese card holders to access the RuPay network in India

RuPay card:

  • RuPay is India’s indigenous card scheme created by the National Payments Corporation of India.
  • It was conceived to fulfil RBI’s vision to offer a domestic, open-loop, multilateral system which will allow all Indian banks and financial institutions in India to participate in electronic payments.
  • It is made in India, for every Indian to take them towards a “less cash” society.
  • RuPay is the first-of-its-kind domestic Debit and Credit Card payment network of India, with wide acceptance at ATMs, POS devices and e-commerce websites across India.
  • It is a highly secure network that protects against anti-phishing.

 

Features and Benefits of RuPay Card:

  • Complimentary Lounge Access Program – Domestic & International
  • 24X7 Concierge Services
  • Earn Cash back time after time
  • Comprehensive Insurance Cover
  • Exclusive Merchant Offers

 

Advantages of RuPay Card:

  • The benefits of RuPay debit card are the flexibility of the product platform, high levels of acceptance and the strength of the RuPay brand-all of which will contribute to an increased product experience.
  • Lower cost and affordability: Since the transaction processing will happen domestically, it would lead to lower cost of clearing and settlement for each transaction.
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