Indian Railway launched RuPay Debit Card service for Indian citizens on 24 March 2015 in New Delhi. The service was launched by the Indian Railway Catering and Tourism Corporation (IRCTC) in collaboration with the Union Bank of India and the National Payment Corporation of India.
Union Railway Minister Suresh Prabhu launched the IRCTC-UBI RuPay pre-paid card and said “It is a union with your bank for customers’ interest”. Railway passengers can now book their tickets, do shopping and pay service bills using RuPay pre-paid cards.
RuPay is India’s own card payment gateway network like Visa and Master Card, and provides an alternative system for banks to provide a debit card service. In order to make the card attractive, reward points will be given on each transaction. One can have the card with a loading limit of Rs 10,000 with partial “Know Your Customer” (KYC) detail or Rs 50,000 loading limit with full KYC.
Benefits of RuPay Debit Card :
Lower cost and affordability
Customized product offering
Protection of information related to Indian consumers
Provide electronic product options to untapped/unexplored consumer segment
Inter-operability between payment channels and products
The first five transactions per card every month done on IRCTC for purchase of train tickets will be free and no transaction charges will be levied to customers for six months only. For every subsequent transaction post the free usage, customer will be charged Rs 10 per transaction.
The transaction charge would be Rs 10 per ticket for booking a ticket through the card on the IRCTC portal. IRCTC had signed an MoU with UBI for executing the RuPay card project.
Cards can be made available from UBI offices or through IRCTC online. Initially the service will be available for booking tickets and later on shopping and bill payments will be added.
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