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