RBI allows use of RuPay pre-paid forex cards at ATMs, PoS machines and online merchants overseas

Reserve Bank of India (RBI) Governor Shaktikanta Das on Thursday permitted banks to issue RuPay pre-paid forex cards for use at ATMs, PoS machines and online merchants overseas. The move will expand the payment options for Indians travelling abroad. RuPay Debit and Credit cards issued by banks in India are gaining increased acceptance abroad. The RBI Governor has said, “In order to expand payment options for Indians travelling abroad, it has been decided to allow issuance of RuPay Prepaid Forex cards by banks in India for use at ATMs, PoS machines and online merchants overseas.” Further, RuPay cards will be enabled for issuance in foreign jurisdictions. These measures will expand the reach and acceptance of RuPay cards globally. With this, the RBI also announced the expansion of the scope of an e-rupee voucher. At present, purpose-specific e-RUPI digital vouchers are issued by banks. It is now proposed to expand the scope and reach of e-RUPI vouchers by permitting non-bank prepaid payment instruments (PPI) issuers to issue e-RUPI vouchers; enabling the issuance of e-RUPI vouchers on behalf of individuals and simplifying the process of issuance, redemption, etc.

Post Monetary Policy Press Conference by Shri Shaktikanta Das, RBI Governor- June 08, 2023 https://t.co/vGm4yceiee

— ReserveBankOfIndia (@RBI) June 8, 2023

These measures will make the benefits of eRUPI digital vouchers accessible to a wider set of users and further deepen the penetration of digital payments in the country, he said. Read all the  Latest News ,  Trending News ,  Cricket News ,  Bollywood News , India News  and  Entertainment News  here. Follow us on  Facebook,  Twitter and  Instagram.