Kalupur Commercial Co-Operative Bank, based in Gujarat, India, has launched the new RuPay debit cum ATM card for its customers, becoming the first co-operative bank in the state to issue the card with debit and ATM facility.
RuPay is an Indian domestic card launched by National Payments Corporation of India (NPCI) in March 2012.
Go deeper with GlobalData
While the previously issued RuPay cards allowed customers to perform ATM transactions only, the new cards will enable them to perform shopping and online transactions.
With the new RuPay debit cum ATM card, customers will have access to 160,000 ATMs and 875,000 point of sale (POS) terminals.
NPCI managing director and CEO, A P Hota, was quoted by The Times of India as saying that the cost of using RuPay card is low, when compared to that of international debit cards.
"For every transaction through RuPay card, banks have to pay INR0.9 ($0.0147) irrespective of the amount while the cost for transactions through international cards comes at INR3 ($0.048) on average," Hota added.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataOut of the total 175 co-operative banks in Gujarat, only 22 banks including six scheduled co-operative banks provide RuPay card to their customers. By June 2014, around 18 direct co-operation banks will issue RuPay debit cum ATM card to over 13 million customers in the state.
