Rupay Card in Nepal

 

What is RuPay card ?

Banks launched credit and debit cards for a paperless approach to withdraw money from ATM machines in order to keep cash withdrawals simple and prevent long lines at their branch offices.  Payment Gateway Cards are the credit and debit cards that fall under this category. In India, there are three sorts of these cards: RuPay, Visa, and MasterCard.

According to Economic Times : "Nepal on Saturday became the fourth foreign country to operationalise the RuPay"

The RuPay Card is now an indigenous card that can be used at ATMs and commercial outlets to reduce cash transactions. It's India's own own payment system. The National Payments Corporation of India (NPCI) launched it on March 20, 2012. (NPCI). Its goal is to break the monopoly of foreign gateways.

How RuPay Card will help Nepal ?

Without RuPay card, domestic banks have no choice but to partner with Visa or MasterCard to provide connection between cardholders, retailers, and issuing banks not just within the country, but around the world. Due of their international connectivity, these foreign or American corporations charge a premium fee. Every transaction made with a domestic bank's debit or credit card is routed through network switches controlled by Visa or MasterCard, both of which are based outside the nation. 

Rupay Card being issued by the India, a neighbouring country of Nepal, however might help in reducing the costs for transaction fees and all.

Even the SBI BANK NEPAL says that All RuPay card variations are accepted in Nepal SBI Bank POS terminals, while only the global variant is accepted in Nepal SBI Bank ATM terminals.

Do RuPay card work in Nepal ?

On 2nd of April 2022, both the Prime ministers Narendra Modi and Sher Bhadaur Deuba agreed upon the use of Rupay on Nepal. However, the standard date and transaction fees and all haven't been finalized till now for the Rupay card in Nepal.

Can I use UPI in Nepal ?

NIPL (NPCI International Payments Limited), the international arm of NPCI (National Payments Corporation of India) has announced that Nepal will become the first country outside of India to adopt real-time UPI (Unified Payments Interface) payments.

The partnership will benefit Nepal's greater digital public good by facilitating interoperable real-time person-to-person (P2P) and person-to-merchant (P2M) transactions. Nepal will be the first country outside of India to embrace UPI as a payments platform, enabling the digitalization of cash transactions and advancing the Nepal Government's and Nepal Rastra Bank's visions and objectives.

Use of RuPay Card and UPI in Nepal

These Rupay cards can also be used to send money home for people living and earning on foreign countries. Telco Talk time top-ups, utility payments like as power, water, internet, satellite / cable TVs, school fees, buying plane tickets, cinema tickets, and so on may all be done with RuPay cards. These cards will also be intended for usage in ONLINE Internet Shopping. People will be more interested in buying ONLINE rather than physically shopping as ONLINE shopping becomes bigger, better, and cheaper. This saves time and money, both of which are essential aspects of human life. The major goal is to make transportation safer from a budgetary standpoint.

Moreover, BBC News says: " Rupay card payments have overtaken cash use for the first time, new figures show, as contactless technology takes a firm hold on day-to-day spending"