RBI Allows Banks to Issue RuPay Prepaid Forex Card for Travelers
The Reserve Bank of India (RBI) has announced that banks can now issue ‘RuPay Prepaid Forex Card’, which allows travelers to use it for making online purchases at point-of-sale (POS) machines, ATMs, and abroad. The decision aims to increase payment options for Indians traveling abroad and expand the reach of the RuPay Card globally.
Key Highlights:
– The RBI has allowed banks to issue RuPay debit cards, credit cards, and prepaid cards abroad, which can be used in India only and abroad as well.
– The decision has been taken in view of the RuPay debit cards and credit cards issued by the banks of the country having bilateral arrangements with international partners.
– The move is expected to increase the acceptance of RuPay Card globally and expand its reach.
– RBI Governor Shaktikanta Das said this while releasing the second bi-monthly monetary policy of the current financial year.
Other Updates:
In addition to the RuPay Card announcement, the RBI governor also mentioned the Bharat Bill Payment System (BBPS). This system is an anytime, anywhere bill payment platform that has onboarded more than 20,500 billers and processes more than 9.8 crore transactions every month. The scope of BBPS was further expanded in December 2022 to cover all categories of payments and collections.
The process of membership and transaction criteria will be ensured in the Bharat Bill Payment System to increase the efficiency of the system and encourage greater participation, said RBI Governor Shaktikanta Das.
English Summary:
The Reserve Bank of India (RBI) has allowed banks to issue ‘RuPay Prepaid Forex Card’, which will increase payment options for Indians traveling abroad. The decision will expand the reach of the RuPay Card globally and increase its acceptance. The RBI has also mentioned the Bharat Bill Payment System (BBPS), an anytime, anywhere bill payment platform that onboarded more than 20,500 billers and processes more than 9.8 crore transactions every month. The process of membership and transaction criteria will be ensured in the Bharat Bill Payment System to increase efficiency and encourage greater participation.
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