SBI Will Launch RuPay Credit Cards To Break Visa, MasterCard Monopoly; Google Play Store Adds UPI
State Bank of India (SBI) the leading bank in India, soon announces to launch Rupay credit cards to give a boost to domestic payment network in India.
Rupay Cards On Demand
Rupay cards was first time launched on 26 March,2012 by National Payments Corporation of India (NPCI). The Reserve Bank of India’s primary purpose behind this was to have a domestic, open and multilateral system of payment.
In India,90%of the card transactions are domestic and the transaction cost was high due to the dominance card schemes.
On January, 2018 Paytm Payment Bank has launched Rupay Debit Cards for its consumers to make seamless payments across online platforms, offline stores and also for withdrawal of cash from ATMs.
With the launch of this Credit Card, it is expected that it will give a boost to the development of domestic payment networks. As presently it is dominated by US-based payment gateways like Mastercard and Visa.
Hardayal Prasad, Managing Director and CEO of SBI card said that “We will be (launching RuPay based credit card) soon. There is a last agreement that is left out at the end of NPCI level. I think NPCI is going to send it any day and we will be launching some products”
He also added that the Rupay Credit Card will become very popular in India and they have no doubts about it. Currently, about one-third of the cards issued by SBI are Rupay cards.
He is very optimistic about it as there is a big national force which is demanding for Rupay Cards. There are some people in India who demand for “Rupay Cards only”
Google Play Store Launches UPI Payment Option
Unified Payments Interface (UPI) is an instant real-time system developed by NCPI to facilitate inter-bank transactions.
With UPI users can transfer a limited amount of money between bank accounts. It is a good option for transferring a small amount of money while for bigger amounts user has to rely on other options.
While this amount may not be sufficient for medium and large scale companies, but it works well with small business and small amount transactions.
So Goggle and other services have acknowledged UPI’s potential for huge population of India and launched off with UPI support from the first day.
During Google I/O 2019, Google has assured that it would soon feature UPI as a payment solution within the Google Play Store and finally it seems that Google is rolling out UPI as a payment option.
As of now, Google Play Store supports Credit Cards, Debit Cards, Net Banking, Carrier Billing via Airtel and Vodafone, Google Play Gift Cards and Google Play Balance payment methods.
With Google Play Store v16.3.37, users can use UPI option too.
With this launch user don’t have to share their card details directly with Google, Hence increasing the online payment security. They can make payments using UPI ID. It will still need a PIN (Personal Identification Number) to complete the transaction.
Since UPI allows small amounts of transactions so chances of the misuse of these services will be a bare minimum. In Google Play Store most transactions are a small amount-transaction so users can easily go for UPI payment option with no worry from threats.