Facebook post — 14 November 2016

facebook 14 November 2016

Now is an excellent time for all of us to ask our banks to move from MasterCard and Visa to RuPay.

When you swipe your debit or credit card at a shop, the merchant receives money in their bank account. The bank that issues the POS terminal to the merchant, charges them a fees per transaction. There is a fixed fees and a variable fees. The variable fees has been capped by the Indian government at 0.75% for transactions under ₹2,000, and 1% for transactions above ₹2,000.

This percentage fees only applies to cards issued by MasterCard and Visa. There is an Indian initiative called RuPay, where there is no percentage fees at all!

Compare charges here: https://www.services.irctc.co.in/payment.html

Are you using a RuPay card? To my knowledge, 100% of Indian ATMs and POS terminals accept RuPay. Stop making videshi companies richer. Go swadeshi with RuPay.

When other card issuers charge 1%, RuPay was merely charging ₹1 per transaction. Even that has been waived two days back. Gotta love these guys!

http://www.business-standard.com/article/pti-stories/npci-waives-switching-fee-for-rupay-pos-transactions-116111401389_1.html

14 comments

Saurabh JGinny Gill, how much do you lose when customers swipe cards at your cafe? Could we incentive customers to use RuPay cards?
Ginny Gill ChauhanYes am for it ! I pay as u highlighted .75 for each below 2k and 1% for above Hide
Mrinal SinhaHere is the deal before you start arguing desi vs. videshi. The RuPay system does not solve for fraud. If you go online and pay via RuPay and the merchant does not ship your goods, you can kiss your money goodbye. With VISA / Master / Amex - they will actually refund your money at their own cost. Here is one thing I have learnt in life: you get what you pay for. Hide
Vinay ChaddhaSaurabh Jain Visa has different policies for India. My card was used fraudulently in US and CANADA for around INR 125000/- SBI demanded full payment. Visa says almost same. No protection for India cards. Hide
Sushant JainGo for banking ombudsman. They will help you in such situations Hide
Ankur Surithanks saurabh for sharing this. a lot of us do not know this. Hide
Vinay ChaddhaAbout my credit card issue, tweet to the CEO Mr Vijay Jasuja worked, What was pending for 21 days was done in seven hours flat. Here is link to the tweets. https://twitter.com/vinaychaddha/status/798868562894995457 Hide
Saurabh JSaurabh J · 9yGinny Gill, how much do you lose when customers swipe cards at your cafe? Could we incentive customers to use RuPay cards?LikeReply
Ginny Gill ChauhanGinny Gill Chauhan · 9y · by authorYes am for it ! I pay as u highlighted .75 for each below 2k and 1% for aboveLikeReplyHide
Mrinal SinhaMrinal Sinha · 9y · by authorHere is the deal before you start arguing desi vs. videshi. The RuPay system does not solve for fraud. If you go online and pay via RuPay and the merchant does not ship your goods, you can kiss your money goodbye. With VISA / Master / Amex - they will actually refund your money at their own cost. Here is one thing I have learnt in life: you get what you pay for.LikeReplyHideEdited
Vinay ChaddhaVinay Chaddha · 9ySaurabh Jain Visa has different policies for India. My card was used fraudulently in US and CANADA for around INR 125000/- SBI demanded full payment. Visa says almost same. No protection for India cards.LikeReplyHideEdited
Sushant JainSushant Jain · 9y · by authorGo for banking ombudsman. They will help you in such situationsLikeReplyHide
Ankur SuriAnkur Suri · 9ythanks saurabh for sharing this. a lot of us do not know this.LikeReplyHide
Vinay ChaddhaVinay Chaddha · 9y · by authorAbout my credit card issue, tweet to the CEO Mr Vijay Jasuja worked, What was pending for 21 days was done in seven hours flat. Here is link to the tweets. https://twitter.com/vinaychaddha/status/798868562894995457LikeReplyHide