Benefits of Rupay Card

Rupay card is an Indian company which was launched by the Indian National corporation of India in March 2012 and the usage of credit cards was forced started in June 2017.

The major benefit of Rupay card is that the transaction fee for every transaction made is only 90 paisa in comparison to the foreign companies like Visa and MasterCard that charge Rs 3 per transaction.  The major use of Rupay card will benefit both the Indian government and every individual. As the transaction fees are low it helps every individual to lessen their expense and as the transaction fees paid to the card company stays in India, it can be used for the development of the country.

The intention to start this service by Indian National Corporation of India was to stop the transactional earnings earned by foreign companies like visa card and MasterCard through the transactions made by every individual of India. The Rupay card is provided by not only major Big banks but also by cooperative banks. There are nearly 586 banks providing Rupay card. If the use of Rupay card is started then all the transaction earnings will stay in India, which will help the Indian government to develop our country by constructing infrastructure like schools, hospitals and improving our daily transportations. In 2018, the usage of Rupay card for online transactions has increased by 137% as compared to the previous year 2017.

In today's date, there is nearly a debt of Rs102 crore and credit issued out of which Rs 50 crores are Rupay cards. The major reason for foreign companies being afraid is due to the decline in the usage of their cards and the increase in the use of Rupay card will lead to a major loss in the near future.

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Author: Khyati Shah
Kautilya 
IBS Mumbai