The card offers include an ATM withdrawal limit of 1 INR Lakh as well as a purchase of up to 3 INR Lakh on PoS or e-commerce platforms, to its users.
The offer is expected to support small businesses, including several startups and MSMEs
According to the latest data from RBI, debit card payments in FY21 were INR 6.61 Lakh Cr and credit card payments were INR 12.91 Lakh Cr
The Central Bank of India (CBoI) has partnered with the National Payments Corporation of India (NPCI) to launch a tailor-made offer for businesses – “Central Bank of India RuPay Business Platinum Debit Card”.
The card offers businesses an ATM withdrawal limit of 1 INR Lakh as well as a purchase of up to 3 INR Lakh at point of sale (PoS) or e-commerce platforms.
Startups and other businesses can also withdraw up to INR 75,000 from ATMs overseas and make purchases around the world worth up to INR 3 Lakh at outlets and online merchants. international.
In addition to purchase protection coverage of 2 lakh INR, customers using this card will benefit from accidental death and aircraft accident coverage worth 10 lakh INR and 20 lakh INR respectively. CBoI RuPay Business Platinum debit card holders will be able to earn reward points on every purchase.
Rajeev Puri, executive director of the Central Bank of India, said the card would extend digital fingerprints to several of the bank’s business and MSME customers.
The offering is expected to support small businesses, including several startups and MSMEs, in terms of the availability of cash and digital payments.
Rupay is a product of the National Payments Corporation of India (NPCI) and competes with the US payment giants MasterCard and Visa in India.
Constantly evolving Indian Fintech space
India has experienced a robust growth trajectory in terms of financial technologies and digital payments.
According to the latest data from the Reserve Bank of India (RBI), debit card payments in FY21 were INR 6.61 Lakh Cr and credit card payments were INR 6.30 Lakh Cr.
Just a week ago, Mastercard and Google rolled out tokenization to allow Google Pay users to transact with their Mastercard credit and debit cards.
Through tokenization, Mastercard cardholder users can make payments through a secure digital token without having to share their credit or debit card details such as card number, expiration date and expiration date. further details with a trader, according to a joint company statement.
UPI transactions in the country have also seen a massive increase amid the pandemic. Last month, UPI transactions broke the $ 100 billion mark for the first time. With 418 Cr transactions worth 7.68 INR Lakh Cr (around $ 102.4 billion) in November of this year, UPI has stayed the course, with a slight decline from October 2021.
According to NPCI data, October 2021 had recorded 421 Cr transactions with a value of INR 7.71 Lakh Cr (approximately $ 103 billion), an increase of 15.3% month on month (MoM), much of which could be attributed to the holiday season. Meanwhile, in November, NPCI saw a drop of 0.39% in the UPI value and 0.71% in the number of transactions.
In October, PhonePe led UPI numbers with 193 Cr transactions worth INR 3.65
Lakh Cr and Google Pay maintained their second advance with transactions of 145 Cr valued at INR 2.87 Lakh Cr. Then come Paytm (632 million transactions worth 80,508 Cr INR); Amazon Pay (68.82 million transactions worth INR 6,286 Cr) and WhatsApp Pay (2.6 million transactions worth INR 104 Cr).
Earlier this month, Prime Minister Narendra Modi said that initiatives in the fintech space in India are now expected to turn into a “fintech revolution” by financially empowering every citizen in the country.
Additionally, in a major move to expand the reach of digital payments in the country, the Reserve Bank of India (RBI) has proposed to introduce UPI payment services for multi-function phone users.