• UGI USER
  • May 24, 2024
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MALDIVES TO INTRODUCE INDIA’S RUPAY SERVICE, BOLSTERING MALDIVIAN CURRENCY

Why in the news?

  • Despite recent bilateral tensions, Maldives plans to introduce India’s RuPay service, aiming to strengthen the Maldivian Rufiyaa.
  • Minister of Economic Development and Trade, Mohamed Saeed, highlighted the significance of RuPay in addressing currency challenges and supporting the Maldivian economy.
source:travelljammi

Key points:RuPay(“Rupee Payment”)

  • Origin: Launched by NPCI in 2014 as an alternative to Mastercard and Visa.
  • Objective: Supports RBI’s vision of a less cash economy.
  • Scope: Facilitates electronic payments across Indian banks and financial institutions.
  • Mandatory: Companies with ₹50 crore turnover must offer RuPay payment options.

RuPay Products:

  • Debit Cards: Main offering for electronic transactions.
  • Credit Cards: Available for credit-based transactions.
  • Prepaid Cards: Offers prepaid payment solutions.
  • Government Scheme Cards: Includes PMJDY, Mudra, PunGrain, and Kisan credit cards.
  • Combo Cards: Provides combined features like debit/credit or debit/prepaid on a single card.
About National Payments Corporation of India(NPCI):

  • Purpose: Operates retail payments and settlement systems in India.
  • Initiative: Joint venture of RBI and IBA under Payment and Settlement Systems Act, 2007.
  • Legal Status: Not-for-profit company under Companies Act.
  • Promoters: Ten major banks including SBI, PNB, Citibank.
  • Regulation: Board includes RBI and promoter bank nominees.
  • Payment Systems: Includes NFS, IMPS, AEPS, NACH.

NPCI Services:

  • BBPI: Single platform for bill payers and aggregators.
  • IMPS: Immediate fund transfer 24/7 with beneficiary details.
  • RuPay: Affordable card for financial transactions.
  • USSD Services: Banking solutions without internet or smartphones.
  • BHIM: UPI-based payment without smartphones.
  • UPI: Smartphone-based fund transfer between bank accounts.

Associated Article:

https://universalinstitutions.com/indias-upi-services-to-be-launched-in-sri-lanka-and-mauritius-and-rupay-card-services-in-mauritius/