RBI aims to bring RuPay on par with global card rivals
India's central bank, the RBI, is taking steps to boost the international presence of its domestic RuPay card, which has over 672 million debit card users, by allowing the issuance of foreign currency cards, including prepaid forex cards. Experts say the move will increase acceptance of RuPay overseas, allow corporates and individuals to use the cards abroad, and position it alongside global payment networks like Mastercard and Visa. The RBI also approved the use of RuPay credit cards on UPI, a facility its rivals don't have access to so far. Bhutan, Singapore, UAE and Nepal have already operationalized RuPay cards.
MUMBAI : The Reserve Bank of India (RBI) has initiated steps to gradually bring the homegrown RuPay card on par with global card networks such as Visa and Mastercard.