RuPay Cards

Credit cards can be linked to a UPI identity for secure payment transactions

The firm has reached the milestone of issuing one million Rupay JCB cards in India

From accounting for a quarter of all UPI transactions, app now has a share of just 0.76%

Incentives paid by the government to banks for promoting RuPay debit cards and low-value BHIM-UPI transactions will not attract GST, the Finance Ministry said. Last week the Cabinet cleared a Rs 2,600-crore incentive scheme for banks to promote RuPay debit cards and low-value BHIM-UPI transactions in the current fiscal. Under the Incentive scheme for the promotion of RuPay Debit Cards and low-value BHIM-UPI transactions, the government pays banks an incentive as a percentage of the value of RuPay Debit card transactions and low-value BHIM-UPI transactions up to Rs 2,000. The Payments and Settlements Systems Act, 2007 prohibits banks and system providers from charging any amount from a person making or receiving payments through RuPay Debit cards or BHIM. In a circular to chief commissioners of GST, the Ministry said the incentive is in the nature of a subsidy directly linked to the price of the service and the same does not form part of the taxable value of the transaction in view

The scheme was first announced in FY22 Budget with a financial outlay of Rs 1,300 crore

Nirmala Sitharaman said that Singapore and UAE have shown interest to accept the RuPay payment system acceptable in their countries

industry insiders say, the success rate of token-based transactions is higher, but inadequate testing of certain use-cases may result in some transactions not going through

The move will breathe life into the RBI's January 3 framework which sought to give a fillip to offline payments and lead to the activation of the One Nation, One Card for on-the-go payments

There was lack of clarity on whether the RBI will extend this facility to credit cards of other card networks, such as Visa, Mastercard, etc

'Unbridled mushrooming of digital lending apps is a material concern'

Speaking at the Global Fintech Fest 2022, he said the supply chain will become far more efficient and will help reach products and services to everyone much more easily

India leading the way in building an inclusive financial world, she says

Banks pay a switching fee running into hundreds of crores every year for UPI, but have to offer the service for free

It could well be argued that had UPI been profitable for banks, they may have been able to settle for a lower MDR on RuPay credit cards

Pakistan ramped up its imports from India despite Islamabad's ban on trade with its eastern neighbour in the April-May period. Read more on this in our top headlines

NPCI set to seek RBI nod for scheme; free swipes at smaller outlets

NPCI will come up with the guidelines in consultation with the ecosystem. It will send a formal proposal to the RBI, and after the apex bank's nod, it will be operationalised.

At the RBI policy announcement, Governor Das said that the new arrangement is expected to provide more avenues and convenience to the customers in making payments through the UPI platform

RuPay transaction volumes rose marginally during the pandemic, value rose 40 per cent

What is RuPay - India's card payment network?

Chief operating officer of National Payments Corporation of India, Praveena Rai, had said the aim of RuPay was to serve the entire population. That's an ambitious goal. Let's understand what RuPay is.