IRCTC Launches RuPay Pre-paid Debit Card
Railway passengers can now book their tickets and do shopping using RuPay pre-paid debit cards. The Indian Railway Catering and Tourism Corporation (IRCTC) in collaboration with National Payment Corporation of India and Union Bank of India (UBI) has launched RuPay pre-paid cards.
RuPay is India’s own card payment gateway network like Visa and Master Card, and provides an alternative system for banks to provide a debit card service.
Suresh Prabhu, Railway Minister, while launching the IRCTC-UBI RuPay pre-paid card, said that the initiative is in line with Prime Minister Narendra Modi’s financial inclusive programme, as it is not mandatory for a passenger to have a bank account in UBI for the card.
According to A.K Manocha, Chairman and Managing Director, IRCTC, said the card is a first-of-its-kind in the market as both virtual as well as physical cards are being issued to customers in two variants.
There will be two type of pre-paid cards - virtual and physical. Card can be made available from either the Union Bank or the IRCTC. The transaction charge would be Rs 10 per ticket for booking a ticket through the card on the IRCTC portal. As an opening offer, the transaction charge will not be levied six months for purchasing tickets on the IRCTC’s website, a senior official told ET. The initial value of the card is Rs 10,000 which can be recharged. Initially the service will be available for booking tickets and services such as shopping and bill payments will be added later.
Arun Tiwari, CMD, UBI, informed that the card holder will get free Rs 1 lakh accident insurance coverage as part of the benefits to customers. In order to make the card attractive, reward points will be given on each transaction. One can obtain the card with a loading limit of Rs 10,000 with partial Know Your Customer (KYC) detail or Rs. 50,000 loading limit with full KYC.
Manocha said the first five transactions per card every month done on IRCTC for purchase of train tickets will be free and no transaction charges will be levied to customers for six months only. For every subsequent transaction post the free usage, customer will be charged Rs 10 per transaction on the IRCTC portal.
- IITs, IIMs Salary Skyrocket; Overall Hiring Slows Down
- How Emerging Tech Is Redefining India's Real Estate
- Five Key Takeaways From Cisco India Summit 2018
- After Telecom, RJio Set To Disrupt India’s E-Commerce
- Do Indian Techies Stand Exposed To The Current Tech Evolution?
- Indus OS To Become Default Platform For Internet Content
- Truecaller Acquires Indian Firm Chillr; Launches Truecaller Pay 2.0
- Digital To Rule IT Firms' Growth By 2021: ICRA
- Ex-SoftBank Executive Nikesh Arora Joins Palo Alto As CEO
- 5G Will Create USD 27-Bn Opportunity For India: Ericsson