Introduction
If you are a credit card and debit card user then there is good news for you that RBI has released a new update. Now for example, if you purchase an item from a store, then if you use your debit card, the bank will come and charge you 0.9%, similarly, if you use a credit card, you will be charged 2%. A few years ago when you bought a credit card or debit card from a bank, they gave you a card like a Master Card, Visa Card, Rupay Card, or something like that. But now RBI has left a new update for us, what is it, we can choose the credit card or debit card ourselves like a Master card, Visa card, or Rupay card.
Our RBI has released some updates like this and some more interesting updates. What are those updates? RBI has released some more interesting things. Today we will see them in this blog.
Rupay Card, This card is a card for cashless transactions made in India. RuPay Card was launched in India in 2012 by NPCI– National Payments Corporation Of India. This Rupay card has been used by many people in India till now. Even though many people use this Rupay card, it has many benefits, RBI has added some more benefits to it to give more benefits. Now, before we see the benefits of RBI for this card, let us first see what the benefits of this card are. That means all of us are using three types of cards Rupay card master card visa card and so on. So, let’s see what kind of benefits are there in this type of card.
Process of Merchant Transaction
The merchant starts off the transaction by tapping, swiping, or inserting the card into the POS terminal.
Terminal data card information for Card Reader Authentication.
Data Transmission: The acquiring financial institution receives encrypted transaction data.
Grant Request: Data is forwarded by way of the bank obtaining it to the cardboard network and then to the issuing financial institution.
Bank Verification: The Bank verifies card facts, finances, and fraud chances before approving or rejecting.
Response to Merchant: The service provider’s terminal receives the authorization reaction.
Finalization and Settlement: The legal transaction sum is retained, and cash is sent into the service provider’s account.
Cardholder’s Statement: The cardholder’s assertion indicates the transaction.
This is a big process when we go to buy something in a store and swipe our credit card or debit card, this kind of process happens in that store so this is a big process behind it. So this kind of process is going on in this kind of places so this and these cards are all a broker act. So, since all these types of cards are being used, let’s see if there are any benefits for people, first let’s take the RuPay card.
Benefits of Rupay card
All of us can say that a Rupay card means card is a card created in India and India has a lot of benefits by using it. Similarly when you use this card i.e. MDR – Merchant Discount Rate i.e. the 2 percent of the amount that is applied to a credit card will not apply to this card. So this is one advantage of using this card. Because they have introduced a technology called UPI only in this Rupay card.
So, if we put this type of UPI technology in our Rupay card, we can easily scan and pay anywhere we want. we do not need to pay any extra charges for that. Then the only disadvantage is that we can use it only in India and it cannot be used globally because it is a card created in India. This type of rupay card created in India has some more benefits.
That is,
Cashback on Purchases: Earn money back on what you spend.
Travel Perks: Discounts, insurance, and lounge access.
No Foreign Fees: Save money when spending abroad.
Low Interest Rates: Payless on balances and transfers.
Purchase Protection: Extra warranty and protection on bought items.
Security Features: Advanced protection against fraud. This rupay card also offers a lot of benefits like this. So, this type gives a lot of benefits. the card will be promoted a lot come September 2024, people can choose the card of their choice such as a ruby card master card, or visa card.
Now if we go to one of our banks and buy a set of cards, they only have some brokerages, brokers, that is, they have some set of cards like master cards, but they give only master cards, after September 2024 we can choose our credit card or debit card, they can make us the card we need. For those who have done more than 10 lakhs of card distribution, there a no changes. this means those who are going to buy new cards, they are all have these kind of benefits.
Conclusion
RBI’s recent updates bring significant improvements for credit and debit card users in India. With the ability to choose between various card networks like RuPay, MasterCard, and Visa, consumers now have greater flexibility and control over their transactions. The Rubay Card, in particular, offers numerous benefits such as cashback on purchases, travel perks, no foreign transaction fees, low interest rates, and enhanced security features. These updates not only simplify the card selection process but also enhance the overall convenience and value for users. As these changes come into effect in September 2024, they promise to make cashless transactions even more beneficial and user-friendly for everyone.
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