BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Lower cost and affordability
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Customized product offering
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Protection of information related to Indian consumers
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All of the above
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Detailed explanation-1: -The transaction cost is low. The transaction processing is faster. RuPay banks don’t have to pay any network registration fees. It is handy and accessible even in rural areas with limited or no banking availability.
Detailed explanation-2: -While Visa or MasterCard are international system cards, RuPay Card is an Indian domestic card. RuPay cards have a much-reduced processing fee because domestic processing is used for local transactions. Visa or MasterCard are significantly more expensive than RuPay cards since processing for them takes place abroad.
Detailed explanation-3: -RuPay was introduced in 2012 by NPCI and functions within the domestic boundaries. RuPay cardholders can use the service for ATM withdrawals, online transactions, and card payments. RuPay cards has a comparatively lower processing cost and processing time in comparison to Visa and MasterCard.
Detailed explanation-4: -The correct answer is Indian version of the payment card. Key Points. RuPay is Indian multinational financial services and payment service conceived and launched by the National Payments Corporation of India on 26 March 2012.