Payment Cards In India: Carry The Bank In Your Pocket

Damini Bhandary Damini Bhandary
Sep 30, 2021 5 min read
Payment Cards In India: Carry The Bank In Your Pocket

Money is one of the most, if not the most important thing in human life. If one wants to survive and live a comfortable life in this world, money is the answer. Without money, nothing is possible.

Technology has been introduced in this world to make our life effortless and to be honest, it's doing the job, quite well. In a time where we live, having those big pink and green notes with us is a necessity but carrying them all time is a headache.

Imagine bringing a bundle of cash just for some mere shopping, sounds risky and uncomfortable, right? Of course, another option like a cheque is also there but somehow it seems overdone.

Thanks to technology, now we have the access to get money directly from the bank anytime and anywhere. How? Well, the answer is the thin payment card also known as plastic money. Nowadays, payment cards are the go-to option for any kind of transaction.

The dynamic nature of these cards leads to easy and safe transactions. Now, one can just shop whatever they want by just having a card that can fit in the pocket of their jeans. It is definitely better than carrying a huge stack of money, which is not that safe and bothersome in addition. Credible ways for the online transactions as well, payment cards have now become a significant form of payment system in the world.

“We’re talking about payments, customers care about shopping.”

-Ranjit Sarai

How Payment Cards Are Operated In India?
Top Payment Cards that are used In India

How Payment Cards Are Operated In India?

By just having a card, credit, or debit, life becomes much more easier. Whoever has a bank account, that person is eligible to have a payment card. Although there are some rules that one needs to follow properly, to attain a credit or a debit card.

Credit Card

To be simple, with the help of a credit card, a person can purchase anything and can pay for that at a later time. Basically, it means one can just borrow money directly from the bank.

  • One needs to attain the age of 18 to get a credit card.
  • Every Credit Card has a limit, one cannot exceed that limit.
  • If by any chance the borrowed amount is not paid fully, then the remaining amount in the card will be charged with interest.
  • If a person cannot pay the full amount by the time limit, there is an option of EMI, where one can just pay a minimum amount for a time period.

Debit card/ATM Card

  • With the help of this card, one can withdraw money from the bank directly. It is derived from the deposited amount of the bank account.
  • One needs to be 18 to have a debit card. Although minors can also attain debit cards if they had their guardian open the bank on their behalf.
  • Every use of the card deducts the deposited amount from the savings account immediately.
  • Through an ATM that is open 24/7, one can withdraw cash, if they have a debit/ATM card.

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Top Payment Cards that are used In India

The top payment card service system that rules the Indian financial service market are:

  • RuPay
  • VISA
  • Mastercard


2012 was one of the prominent years for Indian financial industry. As RuPay, India’s first multinational financial service and payment service system was started by the National Payments Corporation of India(NPCI). The name RuPay is obtained from two words Rupee and Payment. It is the first Indian card payment system.

RuPay cards are specially made for Indian Citizens. As of now, 1100 banks in India issue RuPay cards. It is internationally accepted in Singapore, South Korea, UAE, Saudi Arabia, Australia, Myanmar, Maldives, Bhutan and Bahrain.

Some of the special features of RuPay Card are:

  • The transaction cost is lower, as it will happen internally, so no additional cost.
  • All the transaction data of the consumers will remain in the country.
  • No separate registration is required.
  • RuPay Debit cards provide some exciting offers, including cashbacks.


This American multinational financial services organization started its journey in the year 1958 and was launched by Bank of America. It was first known as BankAmericard but later in 1976, it was renamed Visa. It is also the largest card payment organization in the world. With its spectacular tactic, it has captured 50% of the card payment market of the world. It is also considered one of the most valuable companies in the world.

Some of its attractive features are:

  • It is globally accepted.
  • Visa is used in over 200 countries.
  • There are various good Credit card offers provided by VISA.
  • It provides better rental car insurance.


Mastercard is also an American multinational financial service and more than 25,000 financial institutions issues Mastercard debit and credit card. Mastercard was first introduced in 1966 and at first, it was known as Interbank. It is considered the second largest, right after Visa, card payment organization in India.

Some of the special characteristics of Mastercard are:

  • Mastercard is accepted almost all over the world.
  • With just a simple phone call, your card can be canceled.
  • The cost protection service of Mastercard is way better than other cards.
  • It is free from any kind of unauthorized charges. Basically, it provides Zero  Liability Protection.

As per the order of Reserve Bank of India (RBI), Mastercard has stopped issuing any new debit or credit cards in India. RBI banned the financial service giant for not complying with the data storage rules it was asked to be followed.

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With time and technological advancement, it is only fair that payment card has started replacing the big stack of notes. It is convenient and easier to use. Apart from that, it is comparatively safer as well. That small thin card holds a huge level of importance in our life now.


Is RuPay Card Indian?

Yes, RuPay is an Indian Multinational financial services and payment service system.

What is the most Common Plastic Money?

Debit card is the most common form of plastic money.

What Are the Types of Payment Cards in India?

Debit cards, Credit cards, prepaid cards, and Electronic cards are mostly used in India for payments.

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