RBI allows banks to issue prepaid forex RuPay cards

The Reserve Bank of India has allowed banks to issue RuPay prepaid forex cards for use at ATMs, point-of-sale (POS) machines and online merchants abroad, and has also allowed the issuance of RuPay debit, credit and prepaid cards in foreign jurisdictions for international use, including India. .

The central bank said these measures will expand the range and acceptance of RuPay cards globally and expand payment options for Indians going abroad.

This opens new horizons for seamless and flexible cross-border transactions. “This development offers enhanced convenience and efficiency to individuals and businesses involved in international trade,” said Rajsri Rinjan, India Head of Development, Banking and Payments at FIS.

RuPay debit and credit cards issued by banks in India have gained international acceptance through bilateral arrangements with international partners and co-branding arrangements with international card schemes.

e-RUPI vouchers

RBI also proposed to broaden the reach and reach of e-RUPI vouchers by allowing issuers of non-bank prepaid instruments (PPI) to issue e-RUPI vouchers, enabling e-RUPI vouchers to be issued on behalf of individuals, and streamlining the issuance and redemption process.

“Other aspects such as voucher reloading, authentication process, issuance limits, etc. will also be modified to facilitate the use of e-RUPI vouchers,” the central bank said, adding that these measures will make the benefits of e-RUPI more widely available. Group of users and deepen the penetration of digital payments.

The e-RUPI digital voucher, launched in August 2021, is based on the Unified Payments Interface (UPI) system of the National Payments Corporation of India (NPCI). Nowadays, purpose-built vouchers are issued by banks on behalf of central and state governments and companies to some extent.

It will make it easier for non-bank producer price issuers, individuals and companies to benefit from it in various programmes. Imagine a token delivered in the form of an accrual, able to pay bills or cover medical treatments for end users. e-RUPI can also ensure the desired end use of donations, be it for medical purposes or other forms of assistance,” said Anand Kumar Bajaj, Founder and Managing Director of PayNearby, adding that the technology is already in place and players will only need to connect with the relevant partners once issued. Instructions.

BBPS simplified

In order to enhance the efficiency of the Bharat Bill Payment System (BBPS) and encourage more participation, RBI said it will streamline the process flow and membership criteria for the combined operating units.

BBPS is an “Anytime, Anywhere” bill payment platform, operating since August 2017. Currently, it has more than 20,500 billers and processes more than 9.8 crore transactions per month. It was expanded in December 2022 to include all categories of payments and collections, both recurring and non-recurring, in addition to facilitating the payment of internal bills across borders.

“This will help efficiently integrate back-end systems for a seamless experience, which can bring new players to the table and improve the personalized payment system, and will be an advantage for enhancing fraud monitoring and risk mitigation systems to ensure smooth online traffic,” said Pranay Jhaveri, MD – India and South Asia, Euronet. .