The banker’s bank has decided to allow Indian banks to issue RuPay prepaid forex cards for use at ATMs, PoS machines, and online merchant
The banker’s bank has decided to allow Indian banks to issue RuPay prepaid forex cards for use at ATMs, PoS machines, and online merchants outside the country. The Reserve Bank of India governor Shaktikanta Das said that the decision has been taken with the intention to expand the reach and acceptance of RuPay cards globally. The alignment has been done for the convenience of people who travel abroad.
According to the statement, RBI said, they have taken this decision in order to expand payment options for Indians traveling abroad. It has been decided to allow the issuance of RuPay Prepaid Forex cards by banks in India for use at ATMs, PoS machines, and online merchants overseas.
They further added RuPay Debit, Credit, and Prepaid Cards will be enabled for issuance in foreign countries too. This will help Indian travelers to use cards internationally including in India. Such measures have been taken to expand the reach and acceptance of RuPay cards around the world. RBI had also said that the necessary instructions will be issued separately soon.
Earlier, Indian people had to suffer a lot since there were no such options available but this decision has brought relief to the Indian community who travels abroad. Now, people who will opt for a prepaid Forex card are required to load these cards with one or multiple foreign currencies and once the process is completed, people will be able to use them interchangeably in different countries.
A prepaid Forex card usually gets loaded with funds through upfront payment. People can load money online. There are few banks that charge a nominal fee, while many offer it free of cost. However, the exchange rate used to buy Forex cards is typically higher.
The Forex card has benefited the person who travels abroad. They will have options to load up to 22 currencies and use them to those countries without any extra charges. It has been one of the safest options to use abroad. A forex card gets locked in exchange rates which protects a person from rate volatility and fluctuations. These cards would not incur additional foreign exchange mark-up fees if a person using the card within the same currency jurisdiction for which the card was loaded.
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