How will it work?
RuPay debit cards are similar any other debit cards that you might hold now. You can access them in the 1.45 lakh ATMs and 8.75 lakh POS terminals across the country. It will also be accepted on 10, 000 e-commerce websites. All major public sector banks, including SBI, have started issuing these cards to all their customers. The card also comes with a high end technology chip named EMV ( Europay, Master Card and Visa) especially for high end transactions. It also has an embedded micro processor circuit with information about the card holder.
What are the Benefits of RuPay card?
Lower transaction cost – International transactions lead to higher transaction costs. Such costs can be reduced by using RuPay card since processing will be done within the country. Also, transactions will be faster.
Sms alerts – Users will get alerts for every transaction made through this card.
Reduced processing fees – Processing fees for RuPay card compared with regular debit/credit cards will be considerably lower.