RUPAY CONTACTLESS CARD
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NO MDR CHARGES FOR RuPAY DEBIT CARDS FROM 1ST, JAN20 : FM
Dated 29.12.2019 : Ms Nirmala Sitharaman , Finance Minister , has announced that there will be no MDR Charges ( Merchant Discount Rates ) on Digital transactions of Rupay and UPI platforms from January 1st, 2020 onward . Department of Revenue will shortly notify Rupay and UPI as Platforms without MDR charges for merchants .
Dated 29.12.2019 : Ms Nirmala Sitharaman , Finance Minister , has announced that there will be no MDR Charges ( Merchant Discount Rates ) on Digital transactions of Rupay and UPI platforms from January 1st, 2020 onward . Department of Revenue will shortly notify Rupay and UPI as Platforms without MDR charges for merchants .
RUPAY CONTACTLESS CARD
Prime Minister Mr Narendra Modi launched Rupay contactless card , also called NCMC ( National Common Mobility Card ) in Ahmedabad on 04th march 2019 under the slogan " One Nation One Card " . The card is developed by National Payments Corporation of India (NPCI) under the brand name Rupay . The contactless card enables small value transactions like Bus or Metro fare along with all other regular debit card / credit card functions like on-line payment , retail transactions and ATM payments .
RuPay Contactless is an open loop EMV based payment product from NPCI . This advanced and secure card can be used for all payment applications, including transport (Metro, Bus etc.), toll, shopping etc. In payments lower than Rs.2,000 the customers can simply tap their card and the transactions are processed with a blink of an eye. No second factor authorization is needed through a PIN.
RuPay Contactless is an open loop EMV based payment product from NPCI . This advanced and secure card can be used for all payment applications, including transport (Metro, Bus etc.), toll, shopping etc. In payments lower than Rs.2,000 the customers can simply tap their card and the transactions are processed with a blink of an eye. No second factor authorization is needed through a PIN.
OBJECTIVES OF THE GOVERNMENT
National common mobility card ( NCMC ) was first conceptualized in 2006 by Government of India under National Urban Transport Policy (NUTP). and now is part of Make in India programme . The task of development of card was given to National Payment Corporation of India .
The objectives of the development of national contactless card included
1. to develop a local mechanism for including low value payments along with the usual functions .
2. to make it usable across Indian banks , payment methods , merchants and transport operators .
3. to reduce dependence on cash for making any type of payment .
The objectives of the development of national contactless card included
1. to develop a local mechanism for including low value payments along with the usual functions .
2. to make it usable across Indian banks , payment methods , merchants and transport operators .
3. to reduce dependence on cash for making any type of payment .
USES OF RUPAY CONTACTLESS CARDS
The card can be used for transit payments ( for bus , metro , train , taxi etc ) , Retail payments in commercial establishments , shops , restaurants , parking lots , tolls etc , and to withdraw cash from ATMs . The card can also be used for on-line payments . It can be used as a with contact card or as a contactless card . The card can be issued either as Debit Card or as Credit card or as a prepaid card / wallet at the option of the issuer .
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PRESENT ISSUERS OF RUPAY CONTACTLESS CARDS
The following Bankers are issuing Debit cards using Rupay Contactless Platform :
1. Punjab National Bank
2. The Saraswat Co operative Bank
3. TJSB Sahakari Bank
4. Bank of Baroda
5. Union Bank of India
Following Partners are issuing Prepaid cards / wallets
1. I.C.I.C.I Bank
1. Axis Bank
1. HDFC Bank
2. State Bank of India
3. Catholic Syrian Bank
4. Yes Bank
5. Andhra Bank
6. One97 communications Ltd ( Paytm )
1. Punjab National Bank
2. The Saraswat Co operative Bank
3. TJSB Sahakari Bank
4. Bank of Baroda
5. Union Bank of India
Following Partners are issuing Prepaid cards / wallets
1. I.C.I.C.I Bank
1. Axis Bank
1. HDFC Bank
2. State Bank of India
3. Catholic Syrian Bank
4. Yes Bank
5. Andhra Bank
6. One97 communications Ltd ( Paytm )
HOW TO USE CONTACTLESS CARDS ?
The Rupay contactless card can be used for our regular transactions in ATMs or payments in shops with card reading machines just like any other card by inserting / swiping in ATM machines / Card readers . On-line transactions will also be like with any other card .
However where card is used in contactless mode , you have to activate the terminal first and the cashier must enter the payment amount to activate the contactless terminal. In addition, the card or device has to be held within 2 cm (1 inch) of the terminal. In payments lower than Rs.2,000 , the customers can simply tap their card and the transactions are processed automatically . No second factor authorization is needed through a PIN.
However where card is used in contactless mode , you have to activate the terminal first and the cashier must enter the payment amount to activate the contactless terminal. In addition, the card or device has to be held within 2 cm (1 inch) of the terminal. In payments lower than Rs.2,000 , the customers can simply tap their card and the transactions are processed automatically . No second factor authorization is needed through a PIN.
USEFUL LINKS
1. National Payments Corporation of India
2. Reserve Bank of India for Master Direction
3. National Payments Corporation of India for FAQ
2. Reserve Bank of India for Master Direction
3. National Payments Corporation of India for FAQ