The Reserve Bank of India has allowed banks to issue Rupay prepaid forex cards. This move will enable usage of the card for online merchants overseas, ATMs and PoS machines. This will expand the payment options for Indians travelling abroad.
The RBI has taken these steps to promote RuPay cards and to make them a more viable option for Indian consumers. The latest announcement will grow the reach the RuPay cards globally.
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Internationalising Issuance and Acceptance of RuPay Cards
“RuPay Debit and Credit cards issued by banks in India are gaining increased acceptance abroad. It has now been decided to permit issuance of RuPay Prepaid Forex cards by banks. This will expand the payment options for Indians travelling abroad.”
“Further, RuPay cards will be enabled for issuance in foreign jurisdictions. These measures will expand the reach and acceptance of RuPay cards globally,” RBI Governor Shaktikanta Das said while announcing MPC decisions on June 8.
RuPay is an indigenous payment network launched by the National Payments Corporation of India (NPCI) in 2014. It is a first-of-its-kind global card payment network in India, with wide acceptance at ATMs, POS devices and e-commerce websites across India.
RuPay cards are issued by more than 1,100 banks, including Public Sector Banks, Private Sector Banks, Regional Rural and Co-Operative Banks.
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