RuPay Credit Card: Overview
RuPay is a financial transaction service that works along the lines of international payment processors like VISA and MasterCard. It is a financial system that allows Indian companies to make electronic payments all across India. The system was set up after the Reserve Bank of India (RBI) realised the need for a domestic payment system that could bring all financial transactions under one banner. This was done in order to lower costs and to establish India’s very own financial system that would compete at both the national and international level. Thus, the RuPay financial service was born.
Set up by the National Payments Corporation of India (NPCI) in March 2012, RuPay offers various types of cards for banks to
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This trend is likely to continue as more and more youngsters get well paying jobs. This means that each year more and more people are entering the middle class segment. This makes it imperative to have a domestic financial system that would cater to local needs at a low price. This will save on cost and allow Indian banks to have a more profitable payment processing system in place.
As of now, most of the transactions that happen in India are made through VISA and MasterCard services. These service providers have higher fee plans that make it difficult for Indian banks to cut down costs and improve their margins. The introduction of RuPay will reverse this trend and help the domestic banks to compete in the market with credit cards that comes to them at a lower cost.
Why RuPay Credit Card
The RuPay credit card can be used at over 1.45 lakh ATMs across India. When it comes to online transactions, they can be used in more than 10,000 web portals. This opens up a range of financial options for customers as now they can shop at different outlets without worrying about the acceptability of the card. NPCI also has tie-ups with 29 major banks for PIN-based transactions across many outlets in
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The RuPay credit card will play a pivotal role in providing money for credit to the poorest of the poor and help them in becoming financially independent. The RuPay credit card will help tremendously in this regard and farmers will be able to buy necessary materials and take loans against the credit limit without any worries.
RuPay Credit Card: Features and Benefits
• Made in India: This system is customised and tailor fit for Indian needs. It has specifically been designed, keeping the Indian customer and banking needs in mind.
• Cheaper: Since most transactions that happen in this system are domestic, the costs are bound to be lower. This will help reduce costs and help Indian banks save money.
• Access to Untapped Market Segments: Due to the wide accessibility of this system, it can be used in many sectors that still remain untouched. For instances, in rural areas, a lot of financial services remain out of reach for the farmers. This system will help in easing all financial activities. For instance, RuPay cards include the Kisan card, which allows farmers to avail many financial
The invention of the modern day credit card by Alfred Bloomingdale, Frank McNamara, and Ralph Snyder in 1949 brought much debate about the invention by the people of the time, it helped and even put people in debt, and increased the amount of Credit Acts in Congress. The invention of the Credit Card is now America's main source of payment and an essential element of daily life.
countries and has about forty million customers for today. In most of these countries it supports bank withdrawal service
In terms of PayPal’s corporate level strategies, they have focussed on innovation where they are trying to bring new system and feature into their existing technology or product. The process is to cope up with the growing number competitions such as Apple Pay, Google Wallet and other financial institutions and providers. According to Keith Bossey PayPal was the only alternative web and mobile based payment processing provider among a field of 35 competitors to earn ‘Star’ status in their brand equity. They are the only brand used by a majority (53%) of micro to small medium sizes business and private enterprise owners around the world (Fallon, 2014). PayPal’s another corporate strategies was to connects with financial institutions around the world and allows customers to collects payments using a wide range of payment method such as Visa Credit, Online banking etc. It happens regardless of where the business and seller is being located. Despite the split from their parent company eBay in 2015. They have embarked their payment system journey through strategic acquisitions and growth in their strategies (Nunez Enterprises, 2015). At the same time their innovation and emphasis leads one of the profitable business and trying to do their best to serve consumer their services. The report show that they continue to expend their operations covering all seven continents and trying to reach as many consumers as possible to enable easy and faster payment system. According to CEO Dan Schulman PayPal will be providing “full service” to their
The use of credit cards is much more dangerous than use of checks or cash. Paying with cash is very easy; for knowing how
A credit card is a great way to build credit history. Credit history is a record of how somebody has repaid loans and bills, it is usually used as a guide for whether a company will lend you money(Consumer). You can also get multiple credit rewards such as cash back, gift cards, frequent flyer miles (BOA). Now, if you think about a very frequently occurring situation we can see the obvious benefit of using a credit card. Imagine you are two days away from your next paycheck from work and your money supply is running a bit short. If you were to have a debit card, you would not be able to buy food for the next two days because you do not have money in your bank account at that very moment. However, with a credit card, you can buy food without the money being directly in your bank account. You can then pay the amount you spent for food, two days later once you receive your paycheck. With this ability to charge money to your account, you are also somewhat safe from theft. Since transactions are not instant, you can report fraud to your bank without actually losing any money (BOA). While we can see that credit cards have many great benefits, debit cards can also spark people’s
Much has been written about the dangers of misusing credit cards, and it is true that many people have run into serious problems because of the careless use of credit. Used properly, though, credit cards can be a source of many benefits, and can provide certain protections and warranties not available when paying by cash, cheque or debit card.
In this case study it was stated that there were a problem happen in the outsourcing for the Royal Bank of Scotland. What happen was there were an error that happen during the routine software upgrade that cause million of that bank customer cant access to their account. The error happen when one junior technician in India was accidently wiped all the information during the routine software upgrade. The member of staff that was working under the program for the Royal Bank of Scotland, NatWest and Ulster Bank and it was based in Hyderabad, India.
Secure communications is the Company's forte with a proven record of engineering strategic communication networks for India's Defence forces. Extensive in-house R&D work is devoted towards specialized areas of Encryption, NMS, IT and Access products to provide complete customized solutions to various customers. The competitors of ITI have been Tata Telecom., Shyam Telecom Ltd., Krome Communications Ltd., Himachal Futuristic Communications Limited. and Bharti Telecommunications.
The use of credit and debit cards today are taking a tour in the sense that electronic cash is becoming more admissible as the world makes a switch towar...
Microcredit can be defined as small loans, or microloans, for people around the world in extreme poverty to help spur entrepreneurship. The issue of microcredit is extremely important in the world’s economy. Poverty alleviation and economic development are the primary goals of microcredit programs, that is why they began in the developing countries of Asia and Latin America, economist Muhammad Yunus and his Grameen Bank in Bangladesh are credited of pioneering this financial innovation (Smith, Thurman, 2007). After acquiring a loan, impoverished people get involved in self-employment projects that help them to start a business and begin generating income and in many cases leave poverty. Microcredit offers loans to poor people without requesting any financial history from them. These loans help to improve the quality of life of individuals and communities through commitment. In recent years, the idea of giving small loans to poor people became the darling of the development world, giving a way to propel even the poorest people into better lives (Jolis, 2011).
It is where the poor uses the bank's money which they must pay back. Yunus tried to ask the bankers to expand the program but some of them do not believe in this concept. They could not accept the fact that the poor can actually pay back their loans. Some of them even questioned if the people is really poor since they can afford to repay the loans. Yunus explained that they are really poor and to show proof of it he dares them to visit the poors' homes and they will see not a single furniture. He added that the poor repay the loans through nothing but hardwork. Instead of encouraging the bankers to expand the program on a district level, they discourage Yunus and his students having some reasons not to pursue the expansion. After working so hard in pursuing the expansion that Yunus and his students are planning, they were able to succeed in 1983 with a new law created which was name as Grameen Bank. Later on, it became more deeply involved in the social conditions of the less fortunate people in
A cashless society will further improve the globalisation that characterise our present time. The computerised systems can be used to decrease the quantity of paper trail therefore substituting paper cash with cashless credits or electronic money transfers. However, in a cashless economy, this will change with certain crimes almost eradicated. It will also be faster to generate electronic payments than cash as Near Field Communications (NFC) chips make their way into more payments cards and mobile handsets as well providing protection not applicable to purchases made using cash. This technology is simple with low power wireless link evolved from radio-frequency identification (RFID) tech that can transfer small amounts of data between two devices identifying us and our bank account to a computer. Another benefit of drawing nearer to a cashless society is that other companies are providing pioneering cash-free solutions to the payment related problems we come across. For example, WisePay, a provider of e-payments services, is deploying technologies that ensure parents no longer have to worry about sending their children to school with cash to pay for meals, excursions and other fees that will eliminate the likelihood of being caught short for cash or children misplacing money. The Government also has valuable explanations why they may deem to turn away from cash. Due the main factor of printing and distributing cash, not to mention ensuring the economy is free from forgeries which are all costly endeavours estimating that the cost to society of using cash is between 0.5 and 1.5% of GDP annually. In addition, there are many technological innovations that propose there is a real enthusiasm for an alternative to cash with the upsurge...
In many countries, the use of debit cards has become so widespread that their volume has overtaken or entirely replaced cheques and, in some instances, cash transactions. The development of debit cards, unlike credit cards and charge cards, has generally been country specific resulting in a number of different systems around the world, which were often incompatible. Since
A majority of the Indian population lacks opportunities such as financial resources and thereby the ability to get jobs. They are stuck in an endless cycle which provides them with no opportunities to lift themselves out of poverty. Microcredit has been seen as a lifeline and as an opportunity by governments in developing countries, international funding organizations and donor agencies, in order to help the poor attain money since the 1950’s. It was in the 1950s and1960s, for the first time Indian Government started giving out loans to families in rural areas those who worked in the agricultural sector as well as city-dwelling families who were working in the unskilled sector to promote economic growth throughout India. Households in the agricultural sector were divided into three different groups according to the type of work done by them. The ones doing similar work were put in the same group and the loan amount they would get depended on the type of work they did.