National Payment Corporation of India (NPCI) has today announced that they are prepared to launch Rupay Credit very soon within a month. RuPay Credit card announced by NPCI will be used within India for any transaction except the select version of Credit Card which will be accepted internationally. Rupay Credit card will provide banks a cheaper option in terms of transaction costs.
Customer or user may request any of the banks listed by NPCI for issuance of Rupay credit card. Customer can choose the bank listed from the list and Apply for Rupay Credit Card.
NPCI will launch the Rupay Credit card with 10 banks initially. The overall transaction cost in credit card will be reduced as compare to VISA, Master Card and Diner’s club. Existing charges by these payment solution provider are at very higher side. Rupay will be having the minimum slab base charges which will drastically reduce the over all charges on credit card hence higher acceptability.
The RuPay credit card will come in three variants — classic, platinum and select. Select, the high-end variant of the RuPay credit card, will offer an insurance cover of ₹10 lakh and it will be accepted internationally.
The Rupay credit card will be beneficial for all those banks which are bullish about credit card business and ones that have been waiting to enter this segment to opt for RuPay credit cards. Rupay credit card will be at par with existing product even equipped with more features. Features of Rupay Credit Card will be same across all the bank except benefit.
In future NPCI would launch “tap and go” card. This card is being launched at Kochi Metro rail in Kerala.