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RuPay Credit Cards to be rolled out for Users in a Month: NPCI

The National Payments Corporation of India announced the launch of RuPay credit cards in the coming month. At present, NPCI has initiated a pilot run with 10 banks but declined to provide further information on it.

It seems like IDBI Bank might mark the first to issue RuPay credit cards and launched ‘Winnings’ Select Credit Card. NPCI is making an effort to enter RuPay accounts into cards Even though there are around 40% of debit cards in circulation.

Note CEO AP Hota declared that RuPay credit cards would be launched back in November 2016 itself. But the launch was postponed with the announcement of demonetization of Rs 1,000 and Rs 500 currency notes in India.

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NPCI refused to share information on the Merchant Discount Rate (MDR) retailers and how businesses will be charged. Yet, the credit cards will be made available in three variants: Classic (targeted for the masses), Platinum (targeted towards the youth), and Select (targeted at the affluent segment).

Usually, banks charge lower MDR for credit cards which target the mass segment and a higher MDR rate for Platinum cards. However, consumers get more rewards for usage and MDR is an inter-bank exchange fee which banks can charge from merchants and establishments.

However, NPCI chairman Balachandran M confirmed that the fee charge would be fixed for the product and the cost of the transaction will be lesser than the existing products in the market.

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The Rupay cards will also feature:

  • Domestic and international airport lounge access.
  • Domestic and international merchant offers.
  • Cashback on payment of utility bills, at eateries and restaurants.
  • Personal accident insurance cover.
  • Domestic and international concierge services.

The total number of credit cards in circulation notes 31.32 million for the month of April. HDFC Bank leads the segment with 8.7 million cards, State Bank of India stands second with 4.68 million cards followed by ICICI Bank with 4.28 million cards.

Now Send Money to Aadhaar number via BHIM App

The Indian government is taking a step forward to make India a less-cash or cashless economy. BHIM App is an application which allows the people to send or receive money via Unified Payments Interface (UPI). It developed by National Payments Corporation of India (NPCI).

The government made the availability of BHIM App only on Android devices, and they launched a new feature called Aadhar payments. Through this people can send money directly to the recipient’s 12-digit Aadhar number via BHIM App.

UPI based app will get biometric-based Aadhar pay option as well which will soon roll out in coming weeks. With the launch of biometric-based Aadhar pay, it will be easy for making payments via BHIM App.

Complete step-by-step process of using BHIM App for making cash transactions

By sending money, BHIM App can be useful if the recipient doesn’t have any virtual payment address for UPI. It is an alternative to entering the account number and bank IFSC. Apart from this, people have to check some important points for paying money through Aadhar number via BHIM App.

The person which you are sending money must have their Aadhaar number linked to bank account. If not, in that case, the payment via Aadhaar won’t work. BHIM doesn’t show the account holder’s name, so the user has to double-check the number before sending money. This was done to prevent the people from misusing the app to troll Aadhaar number.

The process to send money to Aadhar number via BHIM App is as follows

  • Install BHIM App from Android Play store.
  • Add your bank account.
  • If you are using the app for the first time you need to set a password.
  • After successful mobile verification, the apps show you the list of banks.
  • Click on the Send money option.
  • Tap on the payment method, choose Aadhaar pay.
  • Enter recipient’s Aadhaar number.
  • Tap on the verify option which checks if the Aadhaar number linked to bank or not.
  • Double-check the number before sending the money.
  • Enter the amount and mention the reason for payment.

SBI Pay App Launched for Android Powered by UPI; Non-SBI Customers Can Register too

State Bank of India (SBI) is the one of the largest bank in India having more than 200 million customer base and 5.2 million users who are using the mobile banking customers.  Now they had finally launched their own UPI (Unified Payment Interface) based app called ‘SBI Pay’.

SBI has become the 18th Bank of India to have their UPI application for the payments and shopping, and there are 30 banks accepting UPI-based payments.

After the announcement from Narendra Modi regarding the currency ban two weeks earlier, analysts were expecting the SBI’s UPI application to be launched as soon as possible. They considered that cashless push would become the major objective during the demonetization and it might be better if it has launched the app earlier. Currently, in India, One-fourth of all the bank customers are from India are on SBI’s Platform.

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Already other banks like HDFC Bank, Axis Bank, ICICI Bank, and 15 other banks has launched their UPI application.

Chairman of SBI, Arundhati Bhattacharya says, “With the current demonetization drive of the government and the push towards digital or cashless payments, SBI Pay is expected to be a game-changer in the digital payment ecosystem as the bank has the largest customer base in the country,”

NPCI (National Payments Council of India) is yet to come up with the details of the UPI app for iOS platform because SBI hasn’t launched the iOS version of the application. Currently, they had released only for the Android Platform which is available on the Google Play Store.

NPCI is targeting to take up the number of transactions to one million by the March of next year. Currently, the registered users are two million per month, and they want to go up now to three million within a month.

Check out the Top 10 Mobile wallets in India to make Online Transfers

Using the UPI, the customer can transfer money to another person through the unique virtual address, (It is nothing but aliases to the bank account and allowing the customer’s account mapped uniquely), mobile number or Aadhar number. With this the customer doesn’t require the Bank accounts details and IFCS code which makes the process much simpler than before.

UPI is built based on the existing Immediate Payment Service, or IMPS; this will make you the real-time transfer of money 24×7 which is irrespective of the bank. With the release on this new UPI powered SBI Pay app also allows the non-SBI users to can also register.

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