Connect with us

Technology

India Approves Rs. 1,300 Crore Plan to Promote RuPay Debit Cards, Rivalling Visa, Mastercard

Published

3 years ago

on

India Approves Rs. 1,300 Crore Plan to Promote RuPay Debit Cards, Rivalling Visa, Mastercard

India approved the rupee on Wednesday. Rs 1,300 crore plans to promote domestic RuPay debit cards and low-value digital transactions to promote their use among marginalized groups. This move may challenge the influence of competitors such as Visa and Mastercard.

A government statement stated that under the plan, the government will pay banks within one year a certain percentage of the value of transactions completed through RuPay debit cards and low-value direct inter-bank transactions, which can be traced back to April 2021.

The plan may further threaten the domestic market share of competitors Visa and Mastercard. Earlier this year, Visa complained to the US government that India’s “informal and formal” promotion of RuPay had hurt it in one of its main growth markets. The plan will include reimbursement of digital transaction processing fees of up to Rs. 2,000 rupees, government officials said.

Advertisement

The government said: “It will also help provide accessible digital payment methods for unbanked and marginalized people”, referring to people outside the formal banking and financial system.

The Indian Payments Commission, an industry body, stated that the industry will “benefit a lot from this move.” As of November 2020, the bank has issued more than 600 million RuPay debit cards.

Deepak Chandnani, head of South Asia and the Middle East at Worldline, a payment and transaction services company, said the move will provide a major boost for RuPay.

“The end-to-end cost of each transaction by the acquiring bank is approximately 15 basis points for the processing and other costs of debit card transactions. This incentive will provide the acquiring bank with much-needed probation and encourage further figures Transaction,” Chandnani said.

Advertisement

RuPay was founded in 2012 by the government-backed non-profit organization National Payment Corporation of India (NPCI), competing with Visa and Mastercard in the fast-growing digital transaction market of Asia’s third largest economy.

Finance Minister Nirmala Sitharaman has publicly asked banks to promote RuPay cards to facilitate digital transactions in the country.

Mastercard and Visa see India as a key growth market, but were shocked by the 2018 Central Bank directive, which required them to store payment data “in India only” in order to achieve “unrestricted regulatory access.”

After discovering that the U.S. payment giant did not fully comply with data localization rules, banks are currently prohibited from issuing MasterCard-branded cards to new customers.

Advertisement

Complete News Source : Gadgets360

Related Topics:
Continue Reading

$92.8 million

Akshay Kumar wishes director Priyadarshan on birthday with Bhooth Bangla BTS pic: ‘Surrounded by ghosts…

Published

3 weeks ago

on

January 30, 2025

By

Akshay Kumar wishes director Priyadarshan on birthday with Bhooth Bangla BTS pic: ‘Surrounded by ghosts…

Akshay Kumar and Priyadarshan, the acclaimed Indian director, celebrated their 68th birthday on Instagram. Kumar, who has worked with Priyadarshan on several cult comedies of the early 2000s, wished him a happy birthday and called him a mentor. The duo is now back together for their upcoming horror-comedy, Bhooth Bangla.

The first poster of the movie has been released, and it is expected to hit theaters in 2025. Akshay Kumar wore a black fedora and a green jacket, layered over a black tee, and fans have expressed their excitement for their new movie.

Advertisement

The duo’s dynamic and deep bonding have been praised by fans, who have expressed high anticipation for their new movie. The first poster of Bhooth Bangla has already been released, and the movie is expected to hit theaters in 2025.

Akshay Kumar, the versatile Bollywood actor, recently celebrated director Priyadarshan’s birthday by sharing a behind-the-scenes (BTS) photograph from their upcoming film, “Bhooth Bangla.” In the image, Akshay humorously captioned, “Surrounded by ghosts…” The photo features Akshay alongside Priyadarshan and co-actor Paresh Rawal, all dressed in traditional attire, with a black cat perched on Akshay’s shoulder, adding a whimsical touch to the scene.

Reunion After 14 Years

This collaboration marks a significant reunion between Akshay Kumar and Priyadarshan, who last worked together on the film “Bhool Bhulaiyaa” in 2007. Their partnership has been celebrated in the past for delivering successful comedies like “Hera Pheri” and “Garam Masala.” Fans have eagerly anticipated their return to the big screen together, and “Bhooth Bangla” promises to be a delightful addition to their repertoire.

Advertisement

About ‘Bhooth Bangla’

“Bhooth Bangla” is a horror-comedy that blends elements of suspense with humor, a genre in which both Akshay Kumar and Priyadarshan have excelled. The film is produced by Balaji Telefilms Ltd in association with Cape of Good Films. The motion poster released earlier this year features Akshay Kumar in a suit, with a cat on his shoulder, licking milk slyly, setting the tone for the film’s intriguing and humorous premise.

instantbollywood.com

Anticipation and Fan Reactions

Advertisement

The BTS photo shared by Akshay Kumar has generated excitement among fans, who are eager to see the trio back together on screen. The playful caption and the presence of the black cat suggest that “Bhooth Bangla” will offer a mix of thrills and laughs, staying true to the successful formula of their previous collaborations.

As the release date for “Bhooth Bangla be a significant highlight in the upcoming entertainment lineup. The reunion of Akshay Kumar, Priyadarshan, and Paresh Rawal, combined with the intriguing premise and the playful BTS moments, has set high expectations among audiences. Fans can look forward to a cinematic experience that promises both chills and chuckles.

For a visual glimpse into the making of “Bhooth Bangla,” you can watch the following video Akshay Kumar expressed his gratitude as they once again united for their upcoming movie Bhooth Bangla. This marks a new chapter in their long-standing collaboration since the 2000s. He shared a picture from behind the scenes of their new movie, where it seems like they are laughing about something.

Akshay wrote,”Happy Birthday, Priyan Sir! What better way to celebrate than by spending the day on a haunted set, surrounded by ghosts…both real and unpaid extras? Thank you for being a mentor, and the only person who can make chaos look like a masterpiece. May your day be filled with fewer retakes. Wishing you a fantastic year ahead!”

Advertisement

Group Media Publications
Entertainment News Platforms – anyflix.in      
Construction Infrastructure and Mining News Platform – https://cimreviews.com/
General News Platform – https://ihtlive.com/
Legal and Laws News Platforms – https://legalmatters.in/
Podcast Platforms – https://anyfm.in/

Continue Reading
Anyskill-ads

Facebook

Trending