ATM cards, Rupay Visa and Mastercard on credit cards, we have seen these names, so what is the difference between these three companies, why do banks use services, friends who are international companies, think for yourself, if our government had planned ahead and not brought this Rupay card, USA We have to depend on the companies. We also have to think ahead and do financial planning in life. If we go back a few years, there were no such things like phone payments, Google payments, online transactions, credit cards. In those days, there were no ATMs to withdraw money. Everyone had to go to the bank to withdraw money. When the real problem came, as the population grew, the number of customers in the banks also started to increase, due to which people had to stand in line for hours for service at the bank, which caused a lot of time wastage for the banks as well as the customers. So they just started the service and also started their ATM centers in different areas. Banks have provided ATM cards to the customers to withdraw money from ATMs, but two problems have arisen in order to use ATMs like this, that is, one bank has no connection from one bank to another. They could not withdraw from ATM because of another bank, here another problem is that they could not transfer money from one bank to another bank, so to solve these two problems, two companies entered the banking sector. These two companies act like a mediator in transferring money to the bank.
If these two payment methods are connected to almost all the banks in the world, they will also make money transfer easy, so the data related to the users in all the banks will be near the bill. Suppose he has swiped in the swiping machine then check if there is enough amount in his bank account and if there is that amount then cut the payment and send it to the payment gateway then this payment gateway transfers the money to the shop owner account if there is no amount in the customer’s account then the payment is calculated All this process is generally done within a few seconds. Like Visa and Mastercard, all the banks in the world are connected. All the banks are connected and work like payment gateways between the banks. After hearing this, you may have doubts, where does the profit of these companies come from? What happens here is that any bank has to join the network of this payment gateway, which means that some fee has to be paid to this company, but every time a money transaction is done from one bank to another bank, the bank deducts some amount from the customers under transfer charges. Some money has to be transferred to MasterCard gateways. In simple terms, they take some commission for making the payment. Revenue model. There are many types of payment gateways in the whole world, but more than 70% of the shares are held by Visa and MasterCard. These two companies have banks in 150 countries in the world are together
These two companies belonging to usa are with all the banks in more than 150 countries of the world. Story of Rupay In our India we need to send money to anyone. What we all immediately remember is UPI. After that, the Government of India brought the service, how does the rupee work, i.e. Mastercard and this rupee company works in a way that gives a strong competition. Well, what is the difference between the original rupee card and the Visa and Master Card of the USA? Now let’s see why India has brought its own payment service system. If it was seized in 2014, one of them passed orders to these two companies that Visa and Master cards will not work in Russia. Since these two are also US companies, they stopped doing anything or stopped the service. Due to this, transactions in banks in Russia stopped for several days. This is the power of the United States. It is understandable that our country has observed this and if in the future we have any problem with the USA, from the seat of the US President, the payments in Russia have been stopped. Till now Mastercard and Visa card were used for transactions done by customers in India These two companies will earn a few crores of rupees in 2018. If we take the year 2018, Visa will earn 1,42,000 crores globally, while MasterCard will make a profit of around 1,200 crores. Our government has started a payment network keeping this in mind as it can be used for purposes only In the year 2009 Indian Banks Association created non-profitable payment services and named it after India then in 2012 it was changed to RuPa
This RuPay card is also a local payment gateway like Mastercard and Visa card. Rupay means Rupee Plus Payment is a combination of these two words it was started by NBCI i.e. National Payments Corporation of India on 26th March 2012 MPCI Chief Operating Officer Praveena Rai launched this Rupay service and MPCI also takes care of the maintenance of this Rupay card service. Also the charges of Rupay card are very less when compared to Visa and Mastercard, Mesa also charges 23% less than Mastercard and Rupay card also takes a bank to join the network of Visa or Mastercard which means some payment has to be made for these but this Rupay If you want to join the network, you don’t need to pay a single rupee. That’s why more than 240 banks in our country are issuing this rupee card instead of Visa and Master cards. Because of this, not only our currency stays in our country, but also the information of people in our country is secure. In the year 2013, rupee The card had a share of only 0.6% in the market but later its share increased to almost 58% in just 6 years.In 2017 the market share of Rupee was only 15% in India.Present year 2022 it has increased to about 60 crore Rupee cards have been issued in India. Recently, this Rupay card has signed an agreement with Discover Finance, a bank from America. Due to this agreement, we can use Rupay card anywhere in the world in 190 countries. Train in USA said that they are doing i
The Prime Minister of a country said that it is dangerous to promote a system like this and told the USA Government and the Visa company also went to the American Government to complain. They are still in the shop. Let’s know how the Indian Government promoted the Indian Government Promoted Rupee Card. Earlier, many people in India did not even have bank accounts. Understanding this problem, the government started many schemes and made people aware of bank accounts. They also opened gas electricity for people. They used to transfer all the subsidies directly to the bank account. After the people got used to using the bank service, they started promoting this Rupay service. The government also made its plans for this Rupay service at home. After the year 2014, the Indian Government launched all the financial schemes. The scheme continued to promote the RuPay card and played a vital role in making RuPay popular and successful. Also in the year 2022, about 32 crore rupees debit cards have been issued by the Department of Financial Services. Nirmala Sitharaman in a meeting with the bankers requested to do away with more rupee cards, but later the government removed it too and made the MDR of rupee card zero. Due to reducing the amount of chat from the shop owner on the transaction of debit card or credit card, this rupee has become more famous and also in the year 2018 GST Council offers some cash back if payment is made with rupee card, so those who will get cash back up to 20% and also in 2019 and Between 2020 and 2021 and 2022, there has been a growth of 58.2% in any transaction on this commerce platform. Apart from this, between 2019 and 2020, 957 crore transactions were made from this car, and between 2021 and 2022, 12393 crore transactions were made. It is understandable that Visa and Master is showing its growth in the market and Modi wants to promote this form not only in India but also in other countries.
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