RUPAY CONTACTLESS CARD
Prime Minister Mr Narendra Modi launched Rupay contactless card , also called NCMC ( National Common Mobility Card ) in Ahmedabad on 04th march 2019 under the slogan " One Nation One Card " . The card is developed by National Payments Corporation of India (NPCI) under the brand name Rupay . The contactless card enables small value transactions like Bus or Metro fare along with all other regular debit card / credit card functions like on-line payment , retail transactions and ATM payments .
RuPay Contactless is an open loop EMV based payment product from NPCI . This advanced and secure card can be used for all payment applications, including transport (Metro, Bus etc.), toll, shopping etc. In payments lower than Rs.2,000 the customers can simply tap their card and the transactions are processed with a blink of an eye. No second factor authorization is needed through a PIN.
OBJECTIVES OF THE GOVERNMENT :
National common mobility card ( NCMC ) was first conceptualized in 2006 by Government of India under National Urban Transport Policy (NUTP). and now is part of Make in India programme . The task of development of card was given to National Payment Corporation of India .
The objectives of the development of national contactless card included
1. to develop a local mechanism for including low value payments along with the usual functions .
2. to make it usable across Indian banks , payment methods , merchants and transport operators .
3. to reduce dependence on cash for making any type of payment .
USES OF RUPAY CONTACTLESS CARDS :
The card can be used for transit payments ( for bus , metro , train , taxi etc ) , Retail payments in commercial establishments , shops , restaurants , parking lots , tolls etc , and to withdraw cash from ATMs . The card can also be used for on-line payments . It can be used as a with contact card or as a contactless card . The card can be issued either as Debit Card or as Credit card or as a prepaid card / wallet at the option of the issuer .