RBL Bank Launches India's First RuPay Credit Card with UPI and NCMC Integration

Tags: Economy/Finance

RBL Bank (formerly Ratnakar Bank Limited), a leading Indian private sector bank, has launched a new RuPay Credit card.

An Overview of the News

• The card integrates Unified Payments Interface (UPI) and National Common Mobility Card (NCMC) features.

• RBL Bank becomes the first private sector bank to offer these comprehensive payment capabilities in a single card.

Key Features:

• Instant and Secure Payments: Credit cardholders can make instant and secure payments through UPI.

• Hassle-free Travel: The NCMC features enable seamless travel.

Significance:

• New Benchmark in Digital Payments: The integration of UPI and NCMC features with the RuPay card sets a new benchmark for the digital payments industry.

• Flexibility and Ease of Payments: Users can enjoy flexibility and ease of making payments for daily expenses or during travel.

• Vast Acceptance: The wide acceptance of the RuPay card network enhances the utility and usability of these cards across various platforms and services throughout India.

About UPI:

• Instant Real-Time Payment System: The Unified Payments Interface (UPI) is an instant real-time payment system launched by the National Payments Corporation of India (NPCI) in 2016, facilitating inter-bank transactions through mobile phones.

• Growth in Transactions: According to the Worldline India Digital Payments Report H2 2023, UPI transaction volume in the second half (H2) of 2023 (July to December) increased by 56%, reaching 65.77 billion transactions, up from 42.09 billion in H2 2022.

About RBL Bank:

• MD and CEO: R. Subramaniakumar

• Headquarters: Mumbai, Maharashtra

• Tagline: Apno ka Bank

• Established: 1943

About NCMC:

• Launched by Prime Minister Narendra Modi on March 4, 2019, in Ahmedabad, Gujarat.

• An interoperable transport card conceived by the Ministry of Housing and Urban Affairs (MoHUA), enabled through the RuPay card mechanism.