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.