RuPay card and the Unified Payment Interface (UPI) platform – the Indian indigenous system of electronic payment set to launch in Oman and other countries. The RuPay card has been designed by National Payments Corporation of India (NPCI) in collaboration with several banks including State Bank of India, Punjab National Bank, Canara Bank, Bank of India, Union Bank of India and others. The RuPay card will be launched on 27 August 2015 in six countries including Oman, Qatar, Sri Lanka, Bahrain, Kuwait and Nepal and later in around twenty-four countries across the globe.
Introducing Rupay Oman UK, a bank-to-bank instant fund transfer service, which is expected to be launched in phases. The National Bank of India and ICICI Bank in partnership with Omantel had launched the first phase of upi payments on April 16th, 2018. The service will be powered by RuPay, a domestic card network that was developed by National Payments Corporation of India for this specific purpose. The RuPay card uses an e-wallet linked to your bank account that can be used at ATMs and stores without having cash on hand or getting a new line of credit from your bank. It also has online transfers with real time confirmation between banks as well as mobile app facilities for transactions without needing internet access.
About RUPAY Card
In a move that will allow Rupay Card holders to make money transfers at any ATM across India, HSBC Bank has opened its 10th ATM facility in Muscat, Oman
It is anticipated that more than 100 such ATMs will be operational by end-2016 as part of an agreement between RuPay International and HSBC Bank Limited
The RuPay Card is a domestic payments card launched on August 27, 2012 by NPCI which was established as an umbrella organization for all retail payments systems in India
The RuPay Card is accepted at about 2 lakh ATMs across India. It also has over 50 million cards issued by 14 banks and four NBFCs
Who is launching UPI?
Rupay is a joint venture between NPCI, nine banks, as well as Mastercard Worldwide. The company is developing two products: RuPay cards and UPI. RuPay cards will allow customers to make payments at merchants that accept RuPay credit or debit cards; UPI will enable customers to transfer funds from one bank account to another within seconds, through their smartphones. Rupay has already launched its first product in India with 850 million RuPay cards issued by 10 banks across India; it’s also partnering with four UK-based banks for the distribution of its products in the United Kingdom under the name Rupay UK.
Why use UPI?
In India, Rupay is a domestic card with a market share over 60% for debit and credit cards. The RuPay card was designed by National Payments Corporation of India, which is responsible for national payments infrastructure. UPI is an interface that allows users to transfer money from one bank account to another using mobile phones without typing in any details such as account number, IFSC code or PINs. It uses your virtual identifier like Aadhaar number linked with your bank account or phone number linked with your bank account, which will be verified by OTP sent on your registered mobile number.
How to send money using UPI?
Rupay is a financial brand, which is a subsidiary company of National Payments Corporation of India, NPCI. The RuPay card is an all-in-one card that can be used to make payments at stores, withdraw money from ATMs, buy gas at petrol pumps, or even as a debit or credit card for online purchases. In September 2016 RuPay launched their own mobile application called ‘Rupay UPI’ to enable customers purchase goods and services without having to carry cash on them or use cards. The Rupay app does not require any registration or download by users and can be used instantly with just the phone number linked to it for identification purposes.
How does it work?
RuPay is India’s indigenous debit card service and UPI is an electronic payment system that enables money transfer between accounts on mobile phones without a credit or debit card, eliminating the need for a physical point-of-sale terminal. The RuPay-UPA partnership allows Rupay cards issued by banks in India to be used as a UPI PIN with transaction limits set at Rs 20,000 per day, Rs 2 lakh per month for unlimited transactions, or some combination thereof. Furthermore, it offers offline cash withdrawals from bank ATMs and online purchase transactions through e-commerce portals and mobile apps. The RuPaul-UPI combo was recently launched in Saudi Arabia and will soon debut in several other countries, including Oman and the UK.