RuPay card- Phase 2

RuPay is an indigenous card payment service that was launched by the National Payments Corporation of India (NPCI) in the year 2012.   The service offers Credit, Debit, International, prepaid & contactless cards, with acceptance at ATMs, POS devices and e-commerce websites.

Key Points

  • Nandan Nilekani-led expert committee report on digital payments recommended globalising RuPay network and BHIM UPI.
  • RuPay cards are issued by over 1,100 banks including Private Sector Banks, Public Sector Banks, Co-Operative and Regional Rural Banks.
  • India launched Rupay Cards in many countries including Singapore, Bhutan, Maldives, UAE, and Saudi Arabia, Myanmar, Australia among others.
  • Phase-I of Rupay Card was launched in Bhutan in 2019, to enable visitors from India to access ATMs and Point of Sale (PoS) terminals across Bhutan.

Rupay Card-Phase 2 launched

Recently, Prime Minister Narendra Modi launched the phase two of RuPay card in Bhutan with his counterpart Lotay Tshering. Under Phase 2, Bhutanese citizens will be able to use Rupay network in India. To be issued by the Bhutan National Bank, the cards can be used at ATMs by Bhutanese tourists in India.

India-Bhutan Relations

India is looking forward to deepen ties with Bhutan in different fields like preparation of ISRO to launch Bhutanese satellites into space and Bhutan and BSNL agreement for a third international internet gateway. The framework of the bilateral relations between India – Bhutan is the Treaty of Friendship and Cooperation of 1949 signed between the both the nations. This treaty was updated in February 2007.

National Payments Corporation of India (NPCI)

It is an organisation for retail payments and settlements in India. It was founded in 2008 by the Reserve Bank of India and Indian Banks’ Association. Various services of NPCI are Bharat Bill Payment System, BharatQR, BHIM, BHIM Aadhaar Pay, RuPay, Unified Payments Interface, National Financial Switch, etc.

Comments

Leave a Reply