The National Payments Corporation of India (NPCI) has partnered with a private bank to launch the credit card ‘Veer’ on the RuPay network for Indian armed forces personnel. The credit card is available in two variants. Platinum and Select Credit Cards are specially designed to fulfil the needs of those who are in the army, navy, and air force. According to a statement by NPCI, these contactless cards come with a zero joining fee and provide multiple benefits to cardholders. NPCI is an umbrella organisation for operating retail payments and settlement systems owned under the country’s central bank, the Reserve Bank of India (RBI). RuPay is NPCI’s multinational financial services and payment service system.
Some of the benefits of the Veer credit cards include fuel surcharge and railway surcharge waivers, card activation offers, annual fee waivers, a rewards programme, and airport lounge access for cardholders. A representative from the bank noted that the RuPay payment network has witnessed phenomenal growth over the last few years, and they are pleased to tie up with NPCI and launch credit cards on the RuPay platform. The RuPay credit card ‘Veer’ for the armed forces will provide a safe, rewarding, and contactless shopping experience to the country’s uniformed personnel and their families, an NPCI official stated.
Earlier this month, NPCI partnered with another private bank to launch first-of-its-kind RuPay On-the-Go contactless payments solutions. As OpenGov Asia had reported, RuPay On-the-Go will allow customers to make small and large value transactions from the accessories they wear every day. It is an interoperable, open-loop solution that customers can use at RuPay contactless-enabled PoS at retail outlets and pay up to IN₹5,000 (US$66.5) without the need to input the PIN. For payments above this, customers need to tap, followed by their PIN. For online transactions, the BHIM YES PAY app provides a virtual RuPay card to the customers that can be used for digital and e-commerce transactions.
NPCI claimed that this payment solution will redefine the contactless payments space by eliminating the need to carry a physical card and enabling instantaneous payments with a simple “tap, pay, go” mechanism. It is expected to “revolutionise contactless payments with a superior customer experience that is smart, fashionable, super quick, convenient, and completely secure,” a statement had noted.
NPCI was incorporated in 2008 and has created a robust payment and settlement infrastructure in the country. It has changed the way payments are made in India through a bouquet of retail payment products such as RuPay card, Immediate Payment Service (IMPS), Unified Payments Interface (UPI), Bharat Interface for Money (BHIM), BHIM Aadhaar, National Electronic Toll Collection (NETC Fastag), and Bharat BillPay. NPCI also launched UPI 2.0 to offer more secure and comprehensive services to consumers and merchants. NPCI brings innovations in the retail payment systems through technology and is working to transform India into a digital economy. It facilitates secure payments solutions with nationwide accessibility at minimal costs to attain India’s target to be a fully digital society.
NPCI is looking at US$1 trillion worth of transactions through UPI on an annual basis, as digital payments are progressing in the country. There is significant progress happening in digital payments in the country. Last year, the total digital payment transactions reached about 55 billion in terms of number, with all kinds of payments put together, according to data from NPCI officials.
