RuPay is an Indian domestic debit, credit and prepaid card payment network. It was launched by the National Payments Corporation of India (NPCI) in 2012. RuPay cards are accepted at over 24 million POS terminals and 600,000 ATMs in India.
Types of RuPay Cards
There are three main types of RuPay cards:
- Debit cards: RuPay debit cards are linked to the cardholder’s checking account. When a customer uses a RuPay debit card to make a purchase, the money is immediately deducted from their checking account.
- Credit cards: RuPay credit cards allow cardholders to borrow money from the card issuer. Cardholders can then use the borrowed money to make purchases. They must then repay the borrowed money, plus interest, to the card issuer over time.
- Prepaid cards: RuPay prepaid cards are loaded with money in advance. When a customer uses a RuPay prepaid card to make a purchase, the money is deducted from the balance on the card.
Benefits of RuPay Cards
RuPay cards offer a number of benefits, including:
- Convenience: RuPay cards are accepted at millions of merchants across India.
- Security: RuPay cards use a variety of security features to protect cardholders from fraud.
- Affordability: RuPay cards typically have lower annual fees and other fees than international payment cards.
- Support for the Indian economy: RuPay is a domestic payment network, so when you use a RuPay card, you are supporting the Indian economy.
MCQs and Answers
1. What is RuPay?
(a) An Indian domestic debit, credit and prepaid card payment network. (b) An international debit, credit and prepaid card payment network. (c) A government-owned bank in India. (d) None of the above.
Answer: (a)
2. What are some of the benefits of using a RuPay card?
(a) Convenience (b) Security (c) Affordability (d) Support for the Indian economy (e) All of the above
Answer: (e)
3. Where are RuPay cards accepted?
(a) At over 24 million POS terminals and 600,000 ATMs in India. (b) At over 24 million POS terminals and 600,000 ATMs worldwide. (c) At select merchants in India. (d) None of the above.
Answer: (a)
4. What are the three main types of RuPay cards?
(a) Debit cards, credit cards, and prepaid cards. (b) Debit cards, credit cards, and international cards. (c) Debit cards, credit cards, and government-issued cards. (d) None of the above.
Answer: (a)
Conclusion
RuPay cards are a convenient, secure, and affordable way to make payments in India. They are also a way to support the Indian economy.