REPAY FOREX PREPAID CARDS - ECONOMY

News: RBI permits banks to issue RuPay prepaid forex cards

 

What is in the news?

       Recently, The Reserve Bank of India (RBI), in a bid to broaden the scope of RuPay cards and as part of its strategy of internationalizing 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.

 

Key takeaways from the news:

       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.

       This will expand the payment options for Indians traveling abroad.

       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.

       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.

Significance:

       This will facilitate smooth cross-border transactions.

       Promote financial inclusion.

       Promote digital payments.