112-634: RuPay ( portmanteau of Rup ee and Pay ment) is an Indian multinational financial services and payment service system , conceived and owned by the National Payments Corporation of India (NPCI). It was launched in 2012, to fulfil the Reserve Bank of India 's (RBI) vision of establishing a domestic, open and multilateral system of payments. RuPay facilitates electronic payments at almost all Indian banks and financial institutions. NPCI has partnered with Discover Financial and JCB to help
224-636: A National Common Mobility Card (NCMC) for transportation was launched by Prime Minister Narendra Modi at a function in Ahmedabad on RuPay platform in order to avoid vendor lock-in and create an interoperable system under Make in India . This is the latest development in the forward movement of the Interoperable Fare Management System. The main aim behind the card is to redefine payment for public transport systems and retail ease of access, at
336-426: A compound , which fully preserves the stems of the original words. The British lecturer Valerie Adams's 1973 Introduction to Modern English Word-Formation explains that "In words such as motel ..., hotel is represented by various shorter substitutes – ‑otel ... – which I shall call splinters. Words containing splinters I shall call blends". Thus, at least one of the parts of a blend, strictly speaking,
448-574: A memorandum of understanding (MoU) with UK-based PPRO Financial on 17 November 2021 to expand the acceptance of RuPay in foreign markets, especially in China and United States, which account for half of all international transactions coming from India. Under its Payments Vision 2025, RBI aimed to further push for the internationalization of RuPay, with countries using the United States dollar , Pound sterling and Euro under bilateral treaties. NIPL signed
560-609: A NFC chip to make transactions. The major debit card flags in Brazil are Visa (with Electron cards ), Mastercard (with Maestro cards ), and Elo . The tap to pay technology has been quite popular in Brazil, you won't need to insert your card with a smart chip and put your password, you just need to approximate the card at the credit card machine, it works for debit and credit cards. Some virtual wallets like Samsung Pay , Google Pay and Apple Pay can be used on time of purchase, you just need to approximate your mobile phone or watch at
672-688: A bank account, for maintenance costs. The most common cards in Bulgaria are contactless (and Chip&PIN or Magnetic stripe and PIN) with the brands of Debit Mastercard and Visa Debit (the most common were Maestro and Visa Electron some years ago). All POS terminals and ATMs accept Visa, Visa Electron, Visa Debit, VPay, Mastercard, Debit Mastercard, Maestro and Bcard. Also some POS terminals and ATMs accept Discover, American Express, Diners Club, JCB and UnionPay. Almost all POS terminals in Bulgaria support contactless payments. Credit cards are also common in Bulgaria. Paying with smartphones/smartwatches at POS terminals
784-464: A bank account. Usually, it is free to use debit cards on national and EU ATMs even if they aren't owned by the issuing bank. Since 2019, a few banks charge a 50ct cost when using ATMs who are not owned by the issuing bank. The debit cards in Belgium are branded with the logo of the national Bancontact system and also with an international debit system, Maestro (for the moment there aren't any banks who issue
896-649: A chip that allows them make purchases through the RuPay network. It can also be used to make online purchases on web portals that accept RuPay payments. Indian Railway Catering and Tourism Corporation (IRCTC) in collaboration with the Union Bank of India and the National Payment Corporation of India launched the IRCTC-UBI RuPay pre-paid card in 2015 to book tickets, do shopping and pay service bills. The card
1008-599: A contactless prepaid NFC card. It launched the contactless card for the Ahmedabad Smart city project in association with ICICI Bank and Ahmedabad Municipal Corporation. It also launched similar prepaid contactless cards for the Kochi Metro Rail Ltd (KMRL) and Bangalore Metropolitan Transport Corporation (BMTC) in association with Axis Bank. Contactless can currently be used on transactions up to and including ₹ 2000. In March 2019 under ‘One Nation, One Card’ scheme
1120-420: A credit card bill or going into debt, the opportunity for anyone over the age of 18 to apply and be accepted without checks on creditworthiness, and the option to deposit paychecks and government benefits directly onto the card for free. A newer advantage is the use of EMV technology and even contactless functionality, which had previously been limited to bank debit cards and credit cards. Prepaid cards vary by
1232-448: A credit card since the money will not immediately leave their control. Fraudulent charges on a debit card can also cause problems with a checking account because the money is withdrawn immediately and may thus result in an overdraft or bounced checks . In some cases, debit card-issuing banks will promptly refund any disputed charges until the matter can be settled, and in some jurisdictions, the consumer's liability for unauthorized charges
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#17328556477781344-629: A credit card transaction (for example, credit not accessible due to being over one's credit limit ). This is especially true in the United States, where check fraud is a crime in every state but exceeding one's credit limit is not. Debit cards may also be used on the Internet, either with or without using a PIN. Internet transactions may be conducted in either online or offline mode. Shops accepting online-only cards are rare in some countries (such as Sweden), while they are common in other countries (such as
1456-673: A credit card was accepted, were first introduced in Canada by Saskatchewan Credit Unions in 1982. In the early 1990s, pilot projects were conducted among Canada's six largest banks to gauge security, accuracy and feasibility of the Interac system. Slowly in the later half of the 1990s, it was estimated that approximately 50% of retailers offered Interac as a source of payment. Retailers, many small transaction retailers like coffee shops, resisted offering IDP to promote faster service. In 2009, 99% of retailers offer IDP as an alternative payment form. In Canada,
1568-414: A debit transaction as occurring in real time: the money is withdrawn from their account immediately after the authorization request from the merchant. In many countries, this is correct for online debit purchases. However, when a purchase is made using the "credit" (offline debit) option, the transaction merely places an authorization hold on the customer's account; funds are not actually withdrawn until
1680-651: A definitive agreement with PPRO Financial on 27 April 2023 that will enable acceptance of UPI among international payment service providers (PSPs) and global merchant acquirers. RuPay offers debit cards , credit cards , prepaid cards and government scheme cards. Government scheme cards include debit and credit cards, such as the RuPay PMJDY, RuPay Mudra and RuPay PunGrain debit cards, and the RuPay Kisan credit card . It also offers combo cards that offer debit and credit, debit and prepaid, or credit and prepaid features through
1792-523: A form suitable for carrying on horseback; (now esp.) one in the form of a stiff leather case hinged at the back to open into two equal parts". According to The American Heritage Dictionary of the English Language ( AHD ), the etymology of the word is the French porte-manteau , from porter , "to carry", and manteau , "cloak" (from Old French mantel , from Latin mantellum ). According to
1904-427: A kind of bath), the attributive blends of English are mostly head-final and mostly endocentric . As an example of an exocentric attributive blend, Fruitopia may metaphorically take the buyer to a fruity utopia (and not a utopian fruit); however, it is not a utopia but a drink. Coordinate blends (also called associative or portmanteau blends) combine two words having equal status, and have two heads. Thus brunch
2016-541: A moratorium imposed by RBI on Mastercard due to data localization issues, Federal Bank and Yes Bank started on-boarding new credit card customers on RuPay platform. In 2021, Fiserve with NPCI launched a stack of services called nFiNi, that will help Indian banks improve the quality of services for RuPay credit cards. In September 2021, Union Bank of India (UBI) launched a RuPay and JCB co-branded international credit card. NPCI, in collaboration with Kotak Mahindra Bank , launched specially designed RuPay credit cards for
2128-902: A number of different circumstances. The five major debit card networks are UnionPay , American Express , Discover , Mastercard , and Visa . Other card networks are STAR , JCB , Pulse , etc. There are many types of debit cards, each accepted only within a particular country or region; for example, Switch (since merged with Maestro) and Solo in the United Kingdom; Interac in Canada; Carte Bleue in France; EC electronic cash (formerly Eurocheque ) in Germany; Bancomat/PagoBancomat in Italy; UnionPay in China; RuPay in India; and EFTPOS cards in Australia and New Zealand. The need for cross-border compatibility and
2240-519: A payment option to their customers. In 2009, RBI asked the Indian Banks' Association to create a non-profit payment company which would design an indigenous payment card. The card was tentatively called "India Pay". After years of planning, NPCI was entrusted with its implementation and finalised the name of the proposed card as RuPay, a portmanteau of the words ru pee and pay ment to avoid naming conflicts with other financial institutions using
2352-408: A phone call or trip to the branch to reactivate with a new PIN, the card being cut up by the merchant, or in the case of an ATM, being kept inside the machine, both of which require a new card to be ordered. Generally credit card transaction costs are borne by the merchant with no fee applied to the end user (although a direct consumer surcharge of 0.5–3% is not uncommon) while EFTPOS transactions cost
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#17328556477782464-420: A single card. RuPay issues debit cards in three variants – Classic, Platinum and Select. Classic is the standard variant, and a basic RuPay-branded card which offers minimum features such as acceptance at almost all merchants in India, and some offers in categories like dining, travel, pharmacy, lifestyle, cosmetics, retails, shopping, and jewelry. It does not offer benefits such as airport lounge access. Platinum
2576-580: A single month in December 2023, accounting for roughly 6% of the domestic credit card market. The number of RuPay credit cards in use surpassed 10 million in December 2023. On 1 August 2024, RBL Bank announced integration of National Common Mobility Card and UPI capabilities with RuPay credit cards. The Union Bank of India launched the RuPay Combo Debit Cum Credit Card in November 2018,
2688-415: A smartwatch that incorporates RuPay chip embedded in the dial, enabling direct payments. Tap-and-pay transactions are made easier by the smartwatch's support for National Common Mobility Card (NCMC) technology. Users can pay at a variety of retail sites and public transportation hubs, including as bus stops, metro stations, and parking lots. Users may choose between contactless purchases and monthly passes on
2800-490: A special wristband and other items for the playoffs and final. The special wristband will be from "RuPay On-The-Go" series. The gadget will serve as a contactless payment method after the cricketing event in addition to providing seamless access control during the event. At the Global Fintech Fest 2024 , Airtel Payments Bank , in collaboration with Noise and the National Payments Corporation of India (NPCI), launched
2912-466: A state driver's license or DMV ID card) in the case of Oakland or in conjunction with a prepaid transit pass (in Chicago). These cards have been heavily criticized for their higher-than-average fees, such as excessive flat fees added onto every purchase made with the card. The U.S. federal government uses prepaid debit cards to make benefit payments to people who do not have bank accounts. In July 2013,
3024-404: A switch located outside the country. RuPay was launched in and dedicated to India on 8 May 2014, by the then President of India , Pranab Mukherjee , at Rashtrapati Bhavan . NPCI launched a subsidiary called NPCI International Payments Limited (NIPL) on 19 August 2020 to increase the globalisation and availability of RuPay in foreign markets. As of March 2021, the market share of RuPay in India
3136-494: A temporary virtual card number that works just in 48 hours, according to Itaú , you can use it to buy on unknown websites for safety reasons, because in the case of a data leak, the credit card number that was leaked wouldn't work. In Bulgaria, debit cards are accepted in almost all stores and shops, as well as in most of the hotels and restaurants in the bigger cities. Smaller restaurants or small shops often accept cash only. All Bulgarian banks can provide debit cards when you open
3248-481: A total blend, each of the words creating the blend is reduced to a mere splinter. Some linguists limit blends to these (perhaps with additional conditions): for example, Ingo Plag considers "proper blends" to be total blends that semantically are coordinate, the remainder being "shortened compounds". Commonly for English blends, the beginning of one word is followed by the end of another: Much less commonly in English,
3360-409: Is frankenword , an autological word exemplifying the phenomenon it describes, blending " Frankenstein " and "word". Debit card A debit card , also known as a check card or bank card , is a payment card that can be used in place of cash to make purchases. The card usually consists of the bank's name, a card number, the cardholder's name, and an expiration date, on either the front or
3472-664: Is RuPay's middle tier offering, providing all the features of Classic, plus more offers and benefits such as airport lounge access, comprehensive insurance coverage of up to ₹2,00,000 and various other merchant offers. In 2020, NPCI launched the RuPay Select card, in a bid to target more affluent customers. It is the most premium variant of a card issued by RuPay. The card is independent of its issuing bank, forming partnerships with various businesses to provide card-specific benefits. Under Rupay Select, all benefits are curated under one package, independent of bank partnerships, saving customers
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3584-461: Is a contactless payment technology feature that allows cardholders to wave their card in front of contactless payment terminals without the need to physically swipe or insert the card into a point-of-sale device. This is an EMV -compatible, contactless payment feature similar to Mastercard Contactless , Visa Contactless , and ExpressPay which use RFID technology. The National Payments Corporation of India's (NPCI) card network RuPay has launched
3696-477: Is a Japanese blend that has entered the English language. The Vietnamese language also encourages blend words formed from Sino-Vietnamese vocabulary . For example, the term Việt Cộng is derived from the first syllables of "Việt Nam" (Vietnam) and "Cộng sản" (communist). Many corporate brand names , trademarks, and initiatives, as well as names of corporations and organizations themselves, are blends. For example, Wiktionary , one of Misplaced Pages 's sister projects,
3808-489: Is a blend of wiki and dictionary . The word portmanteau was introduced in this sense by Lewis Carroll in the book Through the Looking-Glass (1871), where Humpty Dumpty explains to Alice the coinage of unusual words used in " Jabberwocky ". Slithy means "slimy and lithe" and mimsy means "miserable and flimsy". Humpty Dumpty explains to Alice the practice of combining words in various ways, comparing it to
3920-546: Is also getting common. Canada has a nationwide EFTPOS system, called Interac Direct Payment (IDP). Since being introduced in 1994, IDP has become the most popular payment method in the country. Previously, debit cards have been in use for ABM usage since the late 1970s, with credit unions in Saskatchewan and Alberta introducing the first card-based, networked ATMs beginning in June 1977. Debit cards, which could be used anywhere
4032-545: Is also launched on 23 July 2020 at Global Fintech Fest but is mainly oriented towards young individual entrepreneurs. It is offering variable billing cycle, travel expenses, rental payments with dedicated customer services and expense tracking mechanism. It supports digital and paperless know your customer (KYC) process on-boarding. nth Rewards is a loyalty benefits platform operated by the NPCI that enables corporate clients to sponsor rewards for RuPay card holders. RuPay Contactless
4144-440: Is both phonological and orthographic, but with no other shortening: The overlap may be both phonological and orthographic, and with some additional shortening to at least one of the ingredients: Such an overlap may be discontinuous: These are also termed imperfect blends. It can occur with three components: The phonological overlap need not also be orthographic: If the phonological but non-orthographic overlap encompasses
4256-692: Is neither a breakfasty lunch nor a lunchtime breakfast but instead some hybrid of breakfast and lunch; Oxbridge is equally Oxford and Cambridge universities. This too parallels (conventional, non-blend) compounds: an actor–director is equally an actor and a director. Two kinds of coordinate blends are particularly conspicuous: those that combine (near‑) synonyms: and those that combine (near‑) opposites: Blending can also apply to roots rather than words, for instance in Israeli Hebrew : "There are two possible etymological analyses for Israeli Hebrew כספר kaspár 'bank clerk, teller'. The first
4368-664: Is not a complete morpheme , but instead a mere splinter or leftover word fragment. For instance, starfish is a compound, not a blend, of star and fish , as it includes both words in full. However, if it were called a " stish " or a " starsh ", it would be a blend. Furthermore, when blends are formed by shortening established compounds or phrases, they can be considered clipped compounds , such as romcom for romantic comedy . Blends of two or more words may be classified from each of three viewpoints: morphotactic, morphonological, and morphosemantic. Blends may be classified morphotactically into two kinds: total and partial . In
4480-452: Is similar to a contraction . On the one hand, mainstream blends tend to be formed at a particular historical moment followed by a rapid rise in popularity. Contractions, on the other hand, are formed by the gradual drifting together of words over time due to them commonly appearing together in sequence, such as do not naturally becoming don't (phonologically, / d uː n ɒ t / becoming / d oʊ n t / ). A blend also differs from
4592-661: Is sometimes, but not always, indicated on the receipt), and this has nothing to do with whether the transaction was conducted in online or offline mode, since both credit and debit transactions may be conducted in both modes. In some countries, banks tend to levy a small fee for each debit card transaction. In other countries (for example, New Zealand and the UK) the merchants bear all the costs and customers are not charged. There are many people who routinely use debit cards for all transactions, no matter how small. Some (small) retailers refuse to accept debit cards for small transactions, where paying
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4704-405: Is that it consists of (Hebrew>) Israeli כסף késef 'money' and the ( International /Hebrew>) Israeli agentive suffix ר- -ár . The second is that it is a quasi- portmanteau word which blends כסף késef 'money' and (Hebrew>) Israeli ספר √spr 'count'. Israeli Hebrew כספר kaspár started as a brand name but soon entered the common language. Even if the second analysis is the correct one,
4816-454: Is the first of its kind in the market, as both virtual and physical cards are issued to customers in two variants. Kochi1, a RuPay prepaid smart card rolled out by Kochi Metro Rail Ltd (KMRL) with the help of the Axis Bank on 2 March 2019, became the first inter-modal transit card when its usage was extended to private buses with additional services including parking solutions in near future. It
4928-566: Is the necessity of an electronic authorization device at the point of sale (POS) and sometimes also a separate PINpad to enter the PIN, although this is becoming commonplace for all card transactions in many countries. Overall, the online debit card is generally viewed as superior to the offline debit card because of its more secure authentication system and live status, which alleviates problems with processing lag on transactions that may only issue online debit cards. Some online debit systems are using
5040-418: Is the same for both debit and credit cards. In 2010, Bank of America announced that "it was doing away with overdraft fees for debit card purchases." In some countries, such as India and Sweden, consumer protection is the same regardless of the network used. Some banks set minimum and maximum purchase sizes, mostly for online-only cards. However, this has nothing to do with the card networks but rather with
5152-479: Is to prevent fraudulent activities and protect the card holder. If customers want to use card swipe magnet strips aboard and internationally, they will have to activate and enable international card usage. Debit cards and secured credit cards are popular among college students who have not yet established a credit history. Debit cards may also be used by expatriate workers to send money home to their families holding an affiliated debit card. The consumer perceives
5264-587: Is undergoing business expansion. RuPay Business credit card is offering instant bulk payout, 30-day credit period on business purchase, automated goods and services tax (GST) and a dashboard to manage business spending that will further help the clients move towards more powerful corporate offerings from NPCI in future. Central Bank of India with NPCI launched RuPay Business Platinum on 29 December 2021 for corporate customers. The card will help people from small business and micro-enterprise to maintain personal and business account separately. RuPay Pro credit card
5376-697: The Association of Government Accountants released a report on government use of prepaid cards, concluding that such programs offer a number of advantages to governments and those who receive payments on a prepaid card rather than by check. The prepaid card programs benefit payments largely for the cost savings they offer and provide easier access to cash for recipients, as well as increased security. The report also advises that governments should consider replacing any remaining cheque -based payments with prepaid card programs in order to realize substantial savings for taxpayers as well as benefits for payees. In January 2016,
5488-640: The Indian Armed Forces on 28 October 2021. BOB Financial and NPCI partnered to launch Bank of Baroda RuPay and JCB co-branded international credit card on 16 November 2021. Launched on the RuPay-JCB international network, it supports better global acceptance. During the 2021 Digital Payment Utsav, India Post Payments Bank , Punjab National Bank , Kotak Mahindra Bank , YES Bank , Indian Overseas Bank , ICICI Bank , Indian Bank , Bank of Maharashtra , and City Union Bank launched contactless credit cards on
5600-520: The OED Online , the etymology of the word is the "officer who carries the mantle of a person in a high position (1507 in Middle French), case or bag for carrying clothing (1547), clothes rack (1640)". In modern French, a porte-manteau is a clothes valet , a coat-tree or similar article of furniture for hanging up jackets, hats, umbrellas and the like. An occasional synonym for "portmanteau word"
5712-519: The V-Pay or Visa Electron cards even if they are widely accepted), the Maestro system is used mostly for payments in other countries, but a few national card payment services use the Maestro system. Some banks also offer Visa and MasterCard debit cards but these are mostly online banks. In Brazil debit cards are called cartão de débito (singular) or cartões de débito (plural) and became popular in 2008. In 2013,
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#17328556477785824-481: The 100 millionth Brazilian debit card was issued. Debit cards replaced cheques , common until the first decade of the 2000s. Today, the majority of the financial transactions (like buying food at a supermarket), are made using debit cards (and this system is quickly replacing cash payments in Brazil). Nowadays, the majority of debit card payments are processed using a card + PIN combination, and almost every card comes with
5936-568: The Kuwaiti KNET . Bangladesh launched its first domestic card scheme, "Taka Pay" on 1 November 2023. Until now banks were dependent on international card schemes such as Visa , Mastercard , UnionPay etc. From the launching day 3 banks are issuing "Taka Pay" card. Those banks are: Sonali Bank PLC , BRAC Bank PLC and The City Bank Limited . 5 banks ( Dutch Bangla Bank Limited , Estern Bank PLC , Islami Bank Bangladesh PLC , Mutual Trust Bank Limited and United Commercial Bank PLC ) have joined
6048-541: The Netherlands). For a comparison, PayPal offers the customer to use an online-only Maestro card if the customer enters a Dutch address of residence, but not if the same customer enters a Swedish address of residence. Internet purchases can be authenticated by the consumer entering their PIN if the merchant has enabled a secure online PIN pad, in which case the transaction is conducted in debit mode. Otherwise, transactions may be conducted in either credit or debit mode (which
6160-461: The Netherlands. Prepaid debit cards are reloadable and can also be called reloadable debit cards. The primary market for prepaid debit cards has historically been unbanked people; that is, people who do not use banks or credit unions for their financial transactions. Advantages of prepaid debit cards include being safer than carrying cash, worldwide acceptance, not having to worry about paying
6272-545: The RuPay Commercial Credit Card for corporate clients on 23 July 2020 at Global Fintech Fest in partnership with State Bank of Mauritius (SBM). Fintech startup Yap helped in developing the application programming interface (API) powering the card while EnKash will provide dedicated customer support and expense management service. SBM is targeting the product towards SMEs and MSMEs. It will be available through State Bank of Mauritius touch-points across India which
6384-453: The RuPay network gain international acceptance. As of November 2020, around 75.3 crores (750.3 million) RuPay cards have been issued by nearly 1,158 banks. All merchant discount rate (MDR) charges were eliminated for transactions done using Rupay debit cards from 1 January 2020. All Indian companies with an annual turnover exceeding ₹ 50 crore (US$ 6.0 million) are required to offer RuPay debit card and Unified Payments Interface as
6496-426: The RuPay network. From 8 June 2022, RBI allowed the linking of RuPay credit cards with India's Unified Payments Interface (UPI). In the absence of a physical card, customers can use their credit limit through for transactions. The service was officially launched on 20 September 2022, and was a game changer, helping Rupay increase their market share. For the first time, RuPay credit card usage topped ₹10,000 crore in
6608-612: The RuPay-JCB Global card on 22 July 2019. After extending domestic POS terminal and ATM support for incoming foreign JCB card holders in 2017, NPCI entered into the second phase of its partnership with the launch of the co-branded card to further increase the international acceptance of RuPay. The card will offer special cashback programmes for POS transactions outside India, in addition to selected popular international destinations for travellers. It will support additional services such as in-city JCB Lounges located in airports with round
6720-731: The UK government introduced a requirement for banks to offer fee-free basic bank accounts for all, which had a significant impact on the prepaid industry, including the departure of a number of firms. Consumer protections vary depending on the network used. Visa and MasterCard, for instance, prohibit minimum and maximum purchase sizes, surcharges, and arbitrary security procedures on the part of merchants. Merchants are usually charged higher transaction fees for credit transactions since debit network transactions are less likely to be fraudulent. This may lead them to "steer" customers toward debit transactions. Consumers disputing charges may find it easier to do so with
6832-652: The UK, Pinpas cards in the Netherlands, Bancontact cards in Belgium, etc.). The use of a debit card system allows operators to package their products more effectively while monitoring customer spending. Online debit cards require electronic authorization of every transaction, and the debits are reflected in the user's account immediately. The transaction may be additionally secured with the personal identification number (PIN) authentication system; some online cards require such authentication for every transaction, essentially becoming enhanced automatic teller machine (ATM) cards . One difficulty with using online debit cards
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#17328556477786944-471: The ability of banks, who typically provide merchant services to retailers on behalf of Visa or MasterCard, from stopping those retailers charging extra fees to take payment by credit card instead of cash or EFTPOS. In Bahrain debit cards are under Benefit , the interbanking network for Bahrain. Benefit is also accepted in other countries though, mainly GCC, similar to the Saudi Payments Network and
7056-585: The absence of other scheme networks. EFTPOS cards can also be used to deposit and withdraw cash over the counter at Australia Post outlets participating in Giro Post and withdrawals without purchase from certain major retailers, just as if the transaction was conducted at a bank branch, even if the bank branch is closed. Electronic transactions in Australia are generally processed via the Telstra Argent and Optus Transact Plus network—which has recently superseded
7168-539: The advent of the euro recently led to many of these card networks (such as Switzerland's "EC direkt", Austria's "Bankomatkasse", and Switch in the United Kingdom) being re-branded with the internationally recognized Maestro logo, which is part of the Mastercard brand. Some debit cards are dual-branded with the logo of the (former) national card as well as Maestro (for example, EC cards in Germany, Switch and Solo in
7280-514: The amount of cash that can be withdrawn. Most debit cards are plastic , but there are cards made of metal and, rarely, wood. There are currently three ways that debit card transactions are processed: EFTPOS (also known as online debit or PIN debit ), offline debit (also known as signature debit ), and the Electronic Purse Card System . One physical card can include the functions of all three types, so it can be used in
7392-400: The back. Many new cards now have a chip on them, which allows people to use their card by touch (contactless), or by inserting the card and keying in a PIN as with swiping the magnetic stripe. Debit cards are similar to a credit card , but the money for the purchase must be in the cardholder's bank account at the time of the purchase and is immediately transferred directly from that account to
7504-419: The bank's judgment of the person's age and credit records. Any fees that the customers have to pay to the bank are the same regardless of whether the transaction is conducted as a credit or debit transaction, so there is no advantage for the customers to choose one transaction mode over another. Shops may add surcharges to the price of goods or services in accordance with laws allowing them to do so. Banks consider
7616-502: The beginning of one word may be followed by the beginning of another: Some linguists do not regard beginning+beginning concatenations as blends, instead calling them complex clippings, clipping compounds or clipped compounds . Unusually in English, the end of one word may be followed by the end of another: A splinter of one word may replace part of another, as in three coined by Lewis Carroll in " Jabberwocky ": They are sometimes termed intercalative blends; these words are among
7728-792: The black market, and even some building sites are known for cash-in-hand payments in the UK, meaning high amounts of money can be unaccounted for. The banks in Angola issue by official regulation only one brand of debit cards: Multicaixa , which is also the brand name of the one and only network of ATMs and POS terminals. ArCa (Armenian Card), a national system of debit (ArCa Debit and ArCa Classic) and credit (ArCa Gold, ArCa Business, ArCA Platinum, ArCa Affinity and ArCa Co-branded) cards popular in Armenia. Established in 2000 by 17 largest Armenian banks. Debit cards in Australia are called different names depending on
7840-472: The brand name ICashCard to launch RBL-ICASH co-branded, open loop RuPay Prepaid Card. ItzCash, India's largest digital payments company, announced that it has partnered with RBL Bank to launch the country's first co-branded Rupay Platinum Prepaid Card. The multi-purpose card will roll out a suite of prepaid services across physical and virtual platforms. The service was launched to ensure seamless interoperability, access to unlocking multiple solutions and driving
7952-442: The card need no network connectivity) have been in use throughout Europe since the mid-1990s, most notably in Germany ( Geldkarte ), Austria ( Quick Wertkarte ), the Netherlands ( Chipknip ), Belgium ( Proton ), Switzerland (CASH), and France ( Moneo , which is usually carried by a debit card). In Austria and Germany, almost all current bank cards now include electronic purses, whereas the electronic purse has been recently phased out in
8064-497: The card. The State Bank of India (SBI) in collaboration with Indian Railway Catering and Tourism Corporation (IRCTC) launched SBI-IRCTC RuPay contactless card on 28 July 2020 to reward frequent railway travellers in India with the proposal of maximum savings during the journey period. The card uses Near Field Communication (NFC) technology and can be used by the railway travellers for benefits on retail, dining and entertainment besides transaction fee waivers. On 25 March 2023, NCMC
8176-487: The consumer an applicable withdrawal fee charged by their bank. The introduction of Visa and MasterCard debit cards along with regulation in the settlement fees charged by the operators of both EFTPOS and credit cards by the Reserve Bank has seen a continuation in the increasing ubiquity of credit card use among Australians and a general decline in the profile of EFTPOS. However, the regulation of settlement fees also removed
8288-503: The convenience of not having to carry cash, and the availability of automated bank machines (ABMs) and direct payment merchants on the network. Debit cards may be considered similar to stored-value cards in that they represent a finite amount of money owed by the card issuer to the holder. They are different in that stored-value cards are generally anonymous and are only usable at the issuer, while debit cards are generally associated with an individual's bank account and can be used anywhere on
8400-588: The country. Similar to RuPay debit cards, RuPay credit cards are available in three variants – RuPay Classic, RuPay Platinum and RuPay Select. RuPay credit cards have been in operation since June 2017, with eight public sector banks, one private sector bank and one cooperative bank issuing the card without any formal launch. A pilot project was implemented to technically enable more banks in RuPay credit cards with an additional five public sector banks. By March 2018, NPCI plans to have 25 banks altogether on board. More than 18 banks have launched RuPay credit cards: After
8512-476: The credit card machine. Generally the amount you are allowed to pay without a pin is quite low for security, but is really useful for daily things that won't cost too much. Something that appeared recently is a virtual card by some banks (such as Itaú , Bradesco , Mercado Pago and Nubank ) on your internet banking platform. They give you a card number, expiration date and the CVV code to be used online. They also have
8624-507: The cutting edge of digital payments. The project is under the purview of the Ministry of Housing and Urban Affairs , with the vision "One Card for all payments". With this theme, the card needed to be accepted across multiple verticals. It then made sense to take up a card which is gaining a significant amount of adoption in the contactless payment space. The specifications for the NCMC programme are with
8736-596: The debit card is sometimes referred to as a "bank card". It is a client card issued by a bank that provides access to funds and other bank account transactions, such as transferring funds, checking balances, paying bills, etc., as well as point of purchase transactions connected on the Interac network. Since its national launch in 1994, Interac Direct Payment has become so widespread that, as of 2001, more transactions in Canada were completed using debit cards than cash. This popularity may be partially attributable to two main factors:
8848-550: The device, as well as handle transportation concessions. A PIN is required to conduct transactions over ₹5,000, whereas transactions under this amount can be performed without one. Portmanteau In linguistics , a blend —also known as a blend word , lexical blend , or portmanteau —is a word formed by combining the meanings, and parts of the sounds, of two or more words together. English examples include smog , coined by blending smoke and fog , as well as motel , from motor ( motorist ) and hotel . A blend
8960-403: The difference between the two being that EFTPOS transactions are authorized by a personal identification number (PIN) while credit card transactions can additionally be authorized using a contactless payment mechanism (requiring a PIN for purchases over $ 200). If the user fails to enter the correct pin three times, the consequences range from the card being locked out for a minimum 24-hour period,
9072-586: The final syllable ר- -ár apparently facilitated nativization since it was regarded as the Hebrew suffix ר- -år (probably of Persian pedigree), which usually refers to craftsmen and professionals, for instance as in Mendele Mocher Sforim 's coinage סמרטוטר smartutár 'rag-dealer'." Blending may occur with an error in lexical selection , the process by which a speaker uses his semantic knowledge to choose words. Lewis Carroll's explanation, which gave rise to
9184-536: The first RuPay card that facilitates both debit and credit transactions through a single card. The card has 2 EMVs and 2 magnetic stripes. RuPay issues prepaid cards in three variants – RuPay Classic, RuPay Corporate and RuPay Platinum. Sodexo launched the Sodexo Multi-Benefit Pass in partnership with RuPay in May 2019. The card contains a magnetic stripe that allows users to pay for meal benefits, as well as
9296-560: The government and it is not owned by any specific body, hence all card payment schemes are welcome to join the programme. Brihanmumbai Electricity Supply and Transport (BEST) buses are set to become the first public transportation in India to roll out the National Common Mobility Card (NCMC). The one nation, one card system will initially be implemented on a pilot basis from November 2019 and will be available widely only from 2020. More than 10,000 BEST conductors will be given
9408-703: The hand-held devices that would be able to scan the NCMC cards with just one tap, alongside generating paper tickets. Visa is ready with the specifications to start issuing cards on the NCMC network and has started discussions with banks to issue their cards on NCMC as well, but it will take some time for the cards to start getting rolled out in the market. Just weeks after its biggest competitor Visa, Mastercard set to join One Nation One Card project. After discussions with Bharat Electronics Limited (BEL) and Centre for Development of Advanced Computing (C-DAC), Bangalore Metro Rail Corporation Limited (BMRCL) confirmed
9520-549: The hassle of applying for multiple card schemes. RuPay Select allows NPCI to capture a share of the high-spending customer market and provide an Indian alternative against premium offerings from Mastercard , Visa etc. As of July 2018, RuPay cards have been issued by most banks across India. Apart from the main private-sector and public-sector banks, RuPay cards are also issued by cooperative banks (scheduled cooperative banks, district cooperative banks, state cooperative banks, urban cooperative banks) and regional rural banks (RRBs) in
9632-403: The ingredients is the head and the other is attributive. A porta-light is a portable light, not a 'light-emitting' or light portability; light is the head. A snobject is a snobbery-satisfying object and not an objective or other kind of snob; object is the head. As is also true for (conventional, non-blend) attributive compounds (among which bathroom , for example, is a kind of room, not
9744-468: The issuer company: key and niche financial players (sometimes collaborations between businesses); purpose of usage (transit card, beauty gift cards, travel card, health savings card, business, insurance, etc.); and regions. As of 2013, several city governments (including Oakland, California , and Chicago , Illinois ) are now offering prepaid debit cards, either as part of a municipal ID card (for people such as illegal immigrants who are unable to obtain
9856-618: The issuing bank: Commonwealth Bank of Australia : Keycard; Westpac Banking Corporation : Handycard; National Australia Bank : FlexiCard; ANZ Bank : Access card; Bendigo Bank : Easy Money card. A payment in Australia using a debit card can be processed by the local proprietary interbank network called EFTPOS , which is very popular and has been operating there since the 1980s, or it could be processed via an international Card scheme network (ie Visa, Mastercard). Debit cards that were solely EFTPOS-enabled can only be used domestically within Australia and would not be accepted internationally due to
9968-435: The merchant's account to pay for the purchase. Some debit cards carry a stored value with which a payment is made (prepaid cards), but most relay a message to the cardholder's bank to withdraw funds from the cardholder's designated bank account. In some cases, the payment card number is assigned exclusively for use on the Internet, and there is no physical card. This is referred to as a virtual card . In many countries,
10080-429: The mid-2000s, a number of initiatives have allowed debit cards issued in one country to be used in other countries and allowed their use for internet and phone purchases. Debit cards usually also allow an instant withdrawal of cash, acting as an ATM card for this purpose. Merchants may also offer cashback facilities to customers so that they can withdraw cash along with their purchase. There are usually daily limits on
10192-604: The milestone of issuing 25 million RuPay – Discover global cards. As per JCB Co., Ltd. , 1 million RuPay-JCB co-badged cards are in circulation in India in premium category. RuPay has several agreements with other international payment networks. Some major examples include: RuPay E-com is the payment gateway that facilitates online transactions by RuPay card holders. It supports one click payments, Seamless APIs, and Connected Checkout, and also offers additional payment options such as subscription payments, EMI, online credit card bill payments and balance transfers. NPCI launched
10304-490: The morphemes or phonemes stay in the same position within the syllable. Some languages, like Japanese , encourage the shortening and merging of borrowed foreign words (as in gairaigo ), because they are long or difficult to pronounce in the target language. For example, karaoke , a combination of the Japanese word kara (meaning empty ) and the clipped form oke of the English loanword "orchestra" (J. ōkesutora , オーケストラ ),
10416-471: The normal authentication processes of Internet banking to provide real-time online debit transactions. Offline debit cards have the logos of major credit cards (for example, Visa or Mastercard ). These cards connect straight to a person's bank account, but there is a delay before the money is taken out. Smart-card -based electronic purse systems (in which value is stored on the card chip, not in an externally recorded account, so that machines accepting
10528-556: The old Transcend network in the last few years. Most early keycards were only usable for EFTPOS and at ATM or bank branches, whilst the new debit card system works in the same way as a credit card, except it will only use funds in the specified bank account. This means that, among other advantages, the new system is suitable for electronic purchases without a delay of two to four days for bank-to-bank money transfers. Australia operates both electronic credit card transaction authorization and traditional EFTPOS debit card authorization systems,
10640-495: The original "portmanteaus" for which this meaning of the word was created. In a partial blend, one entire word is concatenated with a splinter from another. Some linguists do not recognize these as blends. An entire word may be followed by a splinter: A splinter may be followed by an entire word: An entire word may replace part of another: These have also been called sandwich words, and classed among intercalative blends. (When two words are combined in their entirety,
10752-868: The prepaid program of the nation. MobiKwik launched a RuPay Prepaid card in collaboration with NPCI and Axis Bank on 12 November 2021. The NPCI started issuing global cards in 2014. Singapore has since offered assistance to promote India's digital payment network RuPay card overseas by becoming its first international partner. On 7 March 2012, NPCI entered into a strategic partnership with Discover Financial Services (DFS) for RuPay, enabling RuPay Global Cards to utilise Discover , Diners Club International and PULSE networks for international purchases and cash access outside of India. Both companies also worked to implement D-PAS, Discover's EMV technology to offer chip-based cards to RuPay card members. The cards are now accepted by over 42.4 million POS terminals and 1.90 million ATMs in 185 countries. NPCI , with JCB launched
10864-535: The purchases to have been made at the moment when the card was swiped, regardless of when the purchase settlement was made. Regardless of which transaction type was used, the purchase may result in an overdraft because the money is considered to have left the account at the moment of the card swipe. According to Singapore's local financial and banking laws and regulations, all Singapore-issued credit and debit cards with Visa or MasterCard swipe magnet strips are disabled by default if used outside of Singapore. The whole idea
10976-453: The result is considered a compound word rather than a blend. For example, bagpipe is a compound, not a blend, of bag and pipe. ) Morphologically, blends fall into two kinds: overlapping and non-overlapping . Overlapping blends are those for which the ingredients' consonants, vowels or even syllables overlap to some extent. The overlap can be of different kinds. These are also called haplologic blends. There may be an overlap that
11088-712: The same name. The colours used in the logo allude to the tricolour flag of India . NPCI conceived RuPay as an alternative to Mastercard and Visa , while consolidating and integrating various payment systems in India. RBI, in a Vision Document titled "Payment Systems in India - Vision 2009-12", had previously expressed the need for an Indian payments system. It arose from the absence of a domestic price setter, which caused Indian banks to bear high costs for affiliation and connection with international payment systems like Visa and Mastercard. Partnerships with these foreign companies meant that all transactions, of which domestic payments accounted for more than 90%, needed to be routed through
11200-460: The scheme and will start issuing cards soon. Bangladesh Bank is working to bring all Bank , Mobile financial service provider and other financial institutions into the scheme. In Belgium, debit cards are widely accepted in most businesses, as well as in most hotels and restaurants. Smaller restaurants or small retailers often accept either debit cards or Payconiq , but generally not credit cards . All Belgian banks provide debit cards when you open
11312-480: The then-common type of luggage , which opens into two equal parts: You see it's like a portmanteau—there are two meanings packed up into one word. In his introduction to his 1876 poem The Hunting of the Snark , Carroll again uses portmanteau when discussing lexical selection: Humpty Dumpty's theory, of two meanings packed into one word like a portmanteau, seems to me the right explanation for all. For instance, take
11424-487: The transaction fee would absorb the profit margin on the sale, making the transaction uneconomic for the retailer. Some businesses do not accept card payments at all, even in an era with declining use of cash. This still happens for a variety of reasons, tax evasion by small business included. In 2019, £35,000 million in tax revenue was lost in the United Kingdom due to cash-only payments. Many businesses such as, barber shops, fish & chip shops, Chinese takeaways,
11536-509: The transaction is reconciled and hard-posted to the customer's account, usually a few days later. This is in contrast to a typical credit card transaction, in which, after a few days delay before the transaction is posted to the account, there is a further period of maybe a month before the consumer makes repayment. Because of this, in the case of an error by the merchant or issuer, a debit transaction may cause more serious problems (for example, overdraft/money not accessible/overdrawn account) than
11648-662: The trial run from 1 January 2020 with four automatic fare collection (AFC) gates at Nadaprabhu, Kempegowda and Baiyyappanahalli stations. Passengers of Bangalore Metropolitan Transport Corporation (BMTC) buses and Metro trains on the Majestic-Whitefield route will be able to use the card. Existing AFC gates at Phase 1 metro stations will have to be upgraded while AFC gates at Phase 2 metro stations operational by 2024 will accept new cards. Around 11,000 old electronic ticketing machines will be replaced with new android-based ones of which around 2,000 have already been changed to accept
11760-462: The two words "fuming" and "furious". Make up your mind that you will say both words, but leave it unsettled which you will say first … if you have the rarest of gifts, a perfectly balanced mind, you will say "frumious". In then-contemporary English, a portmanteau was a suitcase that opened into two equal sections. According to the OED Online , a portmanteau is a "case or bag for carrying clothing and other belongings when travelling; (originally) one of
11872-406: The use of 'portmanteau' for such combinations, was: Humpty Dumpty's theory, of two meanings packed into one word like a portmanteau, seems to me the right explanation for all. For instance, take the two words "fuming" and "furious." Make up your mind that you will say both words ... you will say "frumious." The errors are based on similarity of meanings, rather than phonological similarities, and
11984-406: The use of debit cards has become so widespread that they have overtaken checks in volume or have entirely replaced them; in some instances, debit cards have also largely replaced cash transactions. The development of debit cards, unlike credit cards and charge cards , has generally been country-specific, resulting in a number of different systems around the world that are often incompatible. Since
12096-542: The whole of the shorter ingredient, as in then the effect depends on orthography alone. (They are also called orthographic blends. ) An orthographic overlap need not also be phonological: For some linguists, an overlap is a condition for a blend. Non-overlapping blends (also called substitution blends) have no overlap, whether phonological or orthographic: Morphosemantically, blends fall into two kinds: attributive and coordinate . Attributive blends (also called syntactic or telescope blends) are those in which one of
12208-410: The year merchant promotions all over the world. While debit cards are only being issued initially through the partnership, credit and prepaid cards are also on the anvil. RuPay issued 64 million Global Cards between 2014 and March 2019. RuPay has tied up with international players like Discover, Japan Credit Bureau and China Union Pay to enhance its international acceptance and recently achieved
12320-704: Was at 34% was volume of transactions and at 30% by value. On 14 December 2021, the Government of India approved a ₹1,300 crore ($ 170 million) package to promote RuPay among marginalised sections of the population. Mastercard and Visa have raised concerns with the Office of the United States Trade Representative (USTR) over India promoting the use of RuPay. Around 77.7 crore (777 million) Indian consumers shopped cross-border in 2021. To make payments easier, NPCI International Payments Limited (NIPL) signed
12432-563: Was launched under the Kochi Smart City project, with plans to extend the card to auto-rickshaws, ferries including those of the Kerala State Water Transport Department , the proposed Water Metro, and KSRTC buses so as to make it a Common Mobility Card in all respects. RBL Bank partnered with GI Technology, a Wirecard subsidiary and India's largest wallet-based domestic money remittance company operating under
12544-607: Was officially launched in Bengaluru. From 30 March 2023, RBL Bank and Namma Metro started issuing the cards. NPCI on the eve of Global Fintech Festival 2021 launched RuPay On-the-Go interoperable, open-loop contactless solution that are made available on smartwatch and other personal electronic accessories eliminating the need to carry physical card. A partnership between NPCI and the TATA for 2024 Indian Premier League has been launched. A limited number of guests will be able to purchase
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