To know how you are indirectly helping the poor, we should know about the government scheme PRADHAN MANTRI JAN DHAN YOJANA, the main aim of this initiation is to achieve bank accounts and banking facilities to all the citizens of India. Especially to the
people of below poverty line, when they open the account, the government will be giving life insurance of 1 lakh rupees to every individual.
Now let us know how we are indirectly helping the poor through Rupay cards.
A few years back after the ATM card is got into daily use, and when the world was running on digital and cashless transactions, the use of ATM cards became widely popular. In 2014 when the Indian government started the PMYJ initiation, we Indians started digital transactions by using our ATM cards.
We are using these cards for swiping transactions in malls, marts, etc. and we are using them for cashless ticket booking, online shopping also. So, when let assume you have used your ATM card in a shopping mall. That money is not directly debited by your bank. It goes through a process of payment gateway. These gateways debit the money and them that money goes to the bank.
VISA, MAESTRO, MASTERCARD are the most widely internationally used Payment gateways available before the Invention of RUPAY card. The Rupay card was invented by the National Payment Corporation of India (NPCI).
Difference Between RUPAY & VISA, MAESTRO, MASTERCARD :
When you have done a transaction, through VISA, MASTERCARD, then they will get some transaction commission to their company which is paid to them by the banks. You know the commission the collect from the banks is absolutely 300 crores per year.
But, when the transaction is done through RUPAY card they collect only 40% of the amount collected as commission from the VISA, MASTERCARD companies.
THEN HOW ARE YOU HELPING POOR BY USING RUPAY CARD :
As said earlier, “Pradhan Mantri Jandhan Yojana” gives 1 lakh insurance to every bank account holder who is below the poverty line. This insurance is done through LIC. So, the government has to pay monthly premiums to each registered bank account to the LIC. This money is paid by the RUPAY. The inventors of Rupay, NATIONAL PAYMENT
CORPORATION OF INDIA pays the premium of each and every account holder below the poverty line.
Besides that, it also gives prepaid cards to farmers to do some cashless transactions when they deal with big companies.
Rupay is also linked with RAILWAYS and they are giving pre-paid travel cards through which you can book the Train Tickets.
So, the more we reduce the usage of VISA, MASTERCARD, the more we start using the RUPAY card, the more we will be helping the poor Indirectly. Of course, there are some disadvantages, RUPAY cards can’t be used for some International Transactions. I hope they resolve such issues and make RUPAY, the card for India.
ONE NATION – ONE CARD.