Ten banks to issue Rupay credit cards

0
25
Rupay
Representational Image

Hyderabad: Rupay credit cards will soon be issued on a large scale by ten banks. Pilots with these banks have been completed and the respective banks will roll out Rupay credit cards shortly, said an official of National is Payments Corporation of India (NPCI), the RBI agency behind the Rupay, Bharat Interface for Money (BHIM) and other platforms enabling the digital transactions.

The banks have already issued a few cards in the pilot basis. The cards would be in three vairants- classic, platinum and select. They will offer cashback on eateries, restaurants and utility bill payments. Rupay will also have exclusive merchant offers along with an insurance cover of up to Rs 10 lakh, he said.

The BHIM has for October achieved 76 million transactions, recording a 249 per cent growth compared to September, he said adding that customer acceptance for this is one the rise and supports 60 banks and over 40 UPI bank apps.

BHIM app helps send money to anyone in a contact list having a valid UPI ID. The money gets transferred directly to the users’ bank accounts and not to wallets. The users can also initiate a `collect’ request for funds to any BHIM UPI user. Customers can use scan and pay feature to make payments across local stores. Customers should link the mobile number to bank account and while transacting, the sim card of the mobile linked to the bank account, should be used in the mobile handset, he said.

Among others, it is working on the increasing the use of RFID tags for payment at toll booth along the National Highways. Its another offering Bharat Bill Pay consolidates all utility payments- electricity, water, fuel, telecom, DTH and the like, the official said.