We have seen a lot of MasterCard and Visa. It is time now to switch over to a card scheme which is more Indian. It looks like that India is now ready to welcome its very own card and payment scheme named as RuPay.RuPay is going to be an Indian venture into the world of card schemes. However, before you jump the guns, you should know that although RuPay is India’s brainchild, it is not hundred percent Indian. RuPay cards are being created in affiliation with Discover Financial Services, which as we all know, is a US based financial company. Nonetheless, RuPay is going to be more Indian than American.
How to apply for RuPay card?
Many public banks of India have already started offering the RuPay card to the consumers. Therefore, if you want to get the RuPay card you can ask your bank for it. The application process is pretty simple depending upon the bank.
While most of the private banks issue the debit cards over the phone after verifying your identity (by asking the TPIN number), the government or public banks require you to fill the form and follow a process to get the new debit card. You can call up your bank and ask about the process to get the RuPay card issued.
Not many private banks are offering the RuPay cards at this time but it is expected that it will be available soon with all of them. The Reserve Bank of India has mandated RuPay card for all the banks but they have been given some time to get it incorporated in their systems.
If you are an existing customer of the bank which already offers the RuPay card then you can apply for a new debit card. If you are opening a new bank account then at the time of depositing the money you can ask the bank to issue the RuPay card.
Will MasterCard and Visa cards be phased out?
No. Reserve Bank of India has no such plans to phase out the existing and popular Master and Visa cards. In fact, the users of these cards will be able to continue using these cards as they have done before.
With the introduction of RuPay card, there will be a tough competition for these financial giants though. You will be able to use your existing debit cards at all the ATM machines and for online shopping as you used to do it before.
What are the benefits of RuPay card?
There are several benefits of using the RuPay card for the Indians. Since Master and Visa cards are provided by the foreign financial institutions the transaction costs are higher. With RuPay cards, the cost of transaction will be lesser because it will happen within India involving no international processing. People will also enjoy bigger savings due to the low transaction fees.
However, there are certain disadvantages too. For instance, while Master and Visa cards offer the reward points 1on every purchase, there is no such thing with the RuPay cards.