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The transport card enables the user to pay for travel, toll tax, retail shopping and withdraw money. It is enabled through the RuPay card mechanism. [2] The NCMC card is issuable as a prepaid, debit, or credit RuPay card from partnered banks such as the State Bank of India, Canara Bank, Bank of India, Punjab National Bank, and others. [3]
In terms of value, RuPay cards noted a rise of 80% in FY ’19, beating overall debit card payments which grew 30% compared to the previous fiscal year. [160] NPCI issued 59.1 Crore (591 million) RuPay cards till December 2019 of which 22.9 Crore (229 million) cards were used for ATM transactions and 10 Crore (100 million) on PoS terminals.
From 8 June 2022, RBI allowed linking RuPay credit cards with UPI. Customers can now make credit card payments using UPI, in the absence of a physical card. [38] NPCI developed a real-time feature that will reduce the 24-hour time period taken by banks to unblock funds over time-out or transaction declines to 30 seconds. [39]
RuPay is a domestic card scheme of India. The card has Magnetic stripe (for Backward compatibility) and an EMV chip. RuPay cards are now accepted at all ATMs, Point-of-Sale terminals and most online merchants in the country. More than 300 cooperative banks and Regional Rural Banks (RRBs) in the country have also issued RuPay ATM cards. [31]
Almost half of Indian debit and credit card users use Rupay card. Some Indian banks issue Visa debit cards, though some banks (like SBI and Citibank India) also issue Maestro cards. The debit card transactions are routed through Rupay (mostly), Visa or MasterCard networks in India and overseas rather than directly via the issuing bank.
Individual card brands establish compliance requirements that are used by service providers and have their own compliance programs. Major card brands include American Express, Discover Financial Services, JCB, Mastercard, RuPay, UnionPay and Visa. Most companies use member banks that connect and accept transactions from the card brands.
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