RBI allows banks to issue prepaid forex RuPay cards

Category : Business and economics Published on: June 12 2023

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Reserve Bank of India (RBI) has decided to allow Indian banks to issue RuPay prepaid forex cards.
These cards can be used at ATMs, point of sale (PoS) machines, and online merchants overseas.
The move, announced during the RBI Monetary Policy Committee (MPC) meeting aims to increase the scope of accessibility and acceptance of RuPay cards worldwide.
This decision also aligns with the RBI's Payments Vision Document 2025, which emphasises expanding the global outreach of RuPay cards and the Unified Payments Interface (UPI).
RuPay, as the first domestic card payment network in India, has achieved wide acceptance across various channels such as ATMs, point-of-sale (POS) devices, and e-commerce websites throughout the country.