VISHAL RAJ The Reserve Bank of India (RBI) on 5th July,Wednesday issued a draft circular on the issuance of debit, credit and prepaid cards, wherein customers will have the power of their desired card network or issuer instead of continuing with their issuance bank or finance companies.
Credit card Now on Rupay
The central bank in its draft circular has said card issuers, such as Visa, MasterCard, RuPay, shall issue cards across more than one card network and should provide an option to the customers to choose any one among the multiple card networks.
The central bank has that the proposed rules would be applicable to both banks and non-banking financial companies that issue credit cards, debit cards, or prepaid cards.
effective from October 01, 2023.
Click here :-🗞️👉RBI Draft circuler
Rupay credit cards are issued by the National Payments Corporation of India (NPCI) and are widely accepted across India.
Here are some benefits of using Rupay credit cards
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Widely accepted: Rupay credit cards are accepted at most merchant establishments in India, including retail stores, online shopping websites, restaurants, hotels, and more.
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Lower transaction costs: Rupay cards typically have lower transaction costs for merchants compared to other international card networks, making them a cost-effective option for businesses.
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Rewards and offers: Rupay credit cards offer various rewards and discounts on shopping, dining, entertainment, and other transactions. These rewards can include cashback, loyalty points, discounts, and special offers.
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Insurance coverage: Some Rupay credit cards provide insurance coverage for specific events, such as lost card liability, purchase protection, and travel insurance.
It’s important to note that specific benefits may vary depending on the issuing bank and the type of Rupay credit card you have. It’s recommended to check with your bank or financial institution for detailed information about the benefits associated with your Rupay credit card.
Also read Get 5% cashback upto 1000 on gift voucher purchases via payzapp wallet
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