RBI permits banks to issue RuPay prepaid forex cards

Banks can also issue RuPay cards abroad

Published - June 08, 2023 08:11 pm IST - MUMBAI

The Reserve Bank of India (RBI), in a bid to broaden the scope of RuPay cards and as part of its strategy of internationalising issuance and acceptance of such cards, has decided to permit banks to issue RuPay Prepaid forex cards to customers and to issue such cards abroad.

“RuPay Debit and Credit cards issued by banks in India are gaining increased acceptance abroad. It has now been decided to permit issuance of RuPay Prepaid Forex cards by banks,” RBI governor Shaktikanta Das announced as part of additional measures by the central bank on Thursday.

“This will expand the payment options for Indians travelling abroad,” he said.

“Further, RuPay cards will be enabled for issuance in foreign jurisdictions. These measures will expand the reach and acceptance of RuPay cards globally,” he added.

Commenting on this Akash Sinha, Co-Founder & CEO, Cashfree Payments said, “The decision is a significant advancement in facilitating smooth cross-border transactions. This development enhances convenience, cost efficiency, and security, empowering individuals and businesses to engage in cross-border payments with ease.”

“The widespread adoption of RuPay cards abroad supports the Government of India’s vision of a digital economy, promoting digital payments, financial inclusion, and overall economic growth. India has placed significant emphasis on cross-border payments in recent times, recognizing their crucial importance,” he added.

The acceptance of RuPay cards by Bhutan, Singapore, Nepal, and the UAE strengthened the push for more cross-border payment partnerships and expanded the global reach of UPI and RuPay. It also built trust for further collaborations, fostering seamless cross-border transactions and promoting financial inclusivity globally, he further said.

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