Rs 500, Rs 1000 Ban Impact: RuPay Records 100% Jump In Two Days

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The National Payments Corporation of India (NPCI) announced that there has been an amazing surge in the usage of RuPay cards at Point of Sale (PoS) terminals at shops and other retail outlets. 

In a surprise move, Prime Minister Narendra Modi announced the ban of Rs 500, Rs 1000 notes with an aim to curb black money.

Rs 500, Rs 1000 Ban Impact: RuPay Records 100% Jump In Two Days

During last two days (November 9 and 10, 2016), RuPay usage on PoS / e-Commerce was around 8 lakh transactions a day compared with a daily average of 4 lakh transactions earlier.

The value of transactions almost doubled. Mr. A. P. Hota, MD & CEO, NPCI said, "It is heartening to witness a good number of first-time users at PoS terminals. Using the PoS is even simpler than using on ATM. When there are restrictions on withdrawal of cash in the aftermath of demonetisation of notes, usage of payment cards at PoS for all day-to-day purchases is the ideal way to transact."

Immediate Payment Service (IMPS) and Unified Payments Interface (UPI) usage has doubled. IMPS and UPI are 24x7 remittance service.

There has been a surge in the usage of RuPay cards at Point of Sale (PoS) terminals at shops and other retail outlets.

RuPay - the domestic card is enabled on all three channels - ATMs, PoS and e-Commerce. Rupay card a product of National Payments Corporation of India (NPCI) which enables the RuPay cardholders to transact online.

RuPay card can be used for booking railway tickets, bus tickets, shopping on the internet or paying bills / taxes.

Usage of RuPay cards at e-Commerce channel has also been growing rapidly and we see good number of RuPay customers in this segment as well, the NPCI said.

Goodreturns.in

Read more about: rupay card, banking
Story first published: Saturday, November 12, 2016, 9:12 [IST]
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