When we withdraw money from an ATM, a system checks the balance and gives us that money. You might have noticed Visa or Mastercard printed on the debit and credit cards around you. They are both payment processing systems. A small amount is paid to Visa or Mastercard for every transaction done on their network.
RuPay is India’s own payment system. When this system is used, no money needs to be paid to Visa or Mastercard.
The payment systems don’t just help us withdraw money. They also help when we are buying things online, or at a store.
In August 2019, the first phase of RuPay cards was launched in Bhutan. This allowed Indians with Rupay cards to withdraw money from ATMS and buy things in Bhutan.
11,000 RuPay transactions have already taken place in Bhutan.
Phase 2 of the RuPay system was launched today by the Indian Prime Minister, Shri Narendra Modi, and the Bhutanese Prime Minister, Dr. Lotay Tshering.
Under this system, users who have been issued RuPay cards by the Bhutan National Bank will be able to access the entire network of RuPay ATMs and Points of Sale in India. India has over 1 lakh RuPay ATMs and over 20 lakh shops that accept RuPay cards.
When we travel to a country outside our own, we need an international payment service.
Many Bhutanese citizens who come to India will now find it convenient. Indian tourists who go to Bhutan have already benefitted from RuPay Phase 1.
Question for You
What are the benefits of RuPay for India?
1. Lower cost and affordability
2. Customized product offering
3. Protection of information related to Indian consumers
4. Provide electronic product options to untapped/unexplored consumer segment
5. Inter-operability between payment channels and products
6. Offers on RuPay Debit Card
Very Nice!!! Thank you for sharing this! And all correct!