Cashless India

Banking Cards (Debit / Credit / Cash / Travel / Others)

Banking Card

Banking cards offer consumers more security, convenience, and control than any other payment method. The wide variety of cards available – including credit, debit and prepaid – offers enormous flexibility, as well. These cards provide 2 factor authentication for secure payments e.g secure PIN and OTP. RuPay, Visa, MasterCard are some of the example of card payment systems. Payment cards give people the power to purchase items in stores, on the Internet, through mail-order catalogues and over the telephone. They save both customers and merchants’ time and money, and thus enable them for ease of transaction.

How to get it:

  • Provide KYC (Know Your Customer) information to open a new account
  • Apply for Card with option of Debit / Credit Card
  • Get a PIN

Service Activation:

  • Visit an ATM to activate PIN
  • May take about 3-7 days

What is required for Transaction:

  • PoS terminal or online payment gateway
  • Present Card physically or card details for online transaction
  • Provide PIN
  • Provide OTP (One Time Password) received on registered mobile to complete online transaction for merchant website.
  • Self-service and/or Assisted mode

Transaction Cost:

  • NIL to customer for merchant transactions.
  • Annual fee and limits on ATM transaction by banks discretion.
  • 0.50% to 2.25% paid by merchant
  • Cash-out charged to customer in case of credit cards @ 1% to 3.5% of transaction value.

Disclaimer: The transaction costs are based on available information and may vary based on banks.

Services Offered:

  • These cards can be used at PoS (Point of Sale) machines, ATMs, microATMs, Shops, wallets, online transactions, and for e-commerce websites.
  •  International cards can be used across globe for multiple currencies

Funds Transfer limit:

  • User can set up transaction limit based on card.
  • Based on credit ratings

Disclaimer: The funds transfer limits are based on available information and may vary based on banks.

Service Available from no. of operators:

  • 751 banks (Source: NPCI)
  • Interoperable