What is RuPay?
Before diving into how RuPay is the best payment method for Indian punters, let’s first get acquainted with the company.
- RuPay is a card payment service that was launched in 2012 by the National Payments Corporation of India.
- By 2019, this payment service had already conducted over INR 100 crores worth of transactions, both for offline and online payments.
- More than 1000 private and public banks issue RuPay cards in India.
- The name RuPay is a play on the words “Rupee” and “Payments”.
- RuPay is used by Indians for making both online and offline purchases, as well as by punters for betting on online sportsbooks.
How Does RuPay Work?
RuPay is much a like debit card such as Mastercard or VISA. However, with RuPay you can reload contactless cards that will allow you to make online and offline transactions. You can make payment online by using your card or by using their app.
The cards can be obtained from the RuPay website or from the bank in which you have an account. Almost all banks in India are authorized to issue RuPay cards to customers. Some of the notable banks among these are the State Bank of India, Canara Bank, ICICI Bank and many more.
With a RuPay card, you can easily make monetary transactions both offline and online, withdraw money from the ATM for purchases or even make international transfers. Every transaction is authenticated and verified with an OTP or One-Time-Password that is sent to your mobile phone. This is the phone number with which your account is linked.
To make any online transactions with this card all you need to do is enter your 16-digit card number, expiry date and CVV. Then you will receive the OTP and can authenticate the transaction to complete it.
RuPay doesn’t just have one card service but rather a lot. Each of them comes with different features and are made to suit different income levels. You can opt for a RuPay debit card, credit card, prepaid cards and much more.
History of RuPay
The history of RuPay is met with India’s need to introduce an Indian method of payment to counter the insane popularity of international cards such as VISA or Mastercard. To combat this foreign card from being the top choice among Indian consumers, RuPay came into the scene.
In 2012, this payment system was introduced with a vision to be the number one payment option for Indians. The National Payments Corporation of India or NPCI was the one to launch this service to Indians all over the nation.
Before 2020, RuPay could only be used by Indian users within the country but as of 19th August 2020, the payment system was made international. RuPay is now one of the most widely used payment systems in India and dominates the market with a large share.
RuPay cards are now accepted on over 10,000 e-commerce websites and are issued by the major banks in India. In 2021, over 600 international and local banks have collaborated with RuPay and have made them a part of their service.
RuPay in India
RuPay was made for Indian people with the nation’s pride in mind. The payment system was strategically developed to combat the duopoly that was being run by VISA and Mastercard. Not only that, but the payment system is also convenient and easy to use for Indians.
The RuPay card was also designed with patriotism in mind and showcases the nation’s flag’s colors on the card. The name as well was made by combining the word “Rupee”, which is the name of the Indian currency, and the word “Payment”.
This card is also widely accepted in India as well as across the world. There is a very low chance that you’ll come across a POS location or online store in India that won’t accept this payment method. Also, a number of reputable banks in India issue these cards and support their services.
Thus, you do not need to worry about opening a new bank account where RuPay is accepted because chances are your current bank already provides it!
Advantages of Using RuPay
RuPay is kind of an all-rounder when it comes to payment methods in India. This card service has a number of advantages for not only online shoppers but also Indian punters. Let’s have a look at some of these points below.
Fast and Convenient
Looking for a way to deposit money quickly into your betting account? Then RuPay should be your number one choice. This payment method allows for swift and fast deposits that take only a few minutes to complete. Not only that but it is also a very convenient method of financing your account. All you have to do is authenticate the transaction and you’re good to go.
RuPay is regulated and supported by the Reserve Bank of India. Thus, you can be certain that there will be no security issues and problems when it comes to this payment method. RuPay also uses 256-bit SSL encryption protocols for online and digital payments. Also, all these transactions are authenticated with 2-factor verification.
Another great thing about RuPay is that there is little to no fees attached with transactions. There are no additional charges that are placed by the bank as well. Hence, you get to enjoy almost all of the money you deposit into an account without worrying about additional charges or fees.
RuPay offers Indian punters and buyers a number of service options to choose from. You can get a debit card, credit card or prepaid card. According to your income level and needs for finance, you can choose from several tiers of cards. Moreover, they also have a number of benefits and bonuses that they give to their users as a token of their appreciation.
One problem you are unlikely to face is your RuPay card not being accepted at the sales terminal. This is because this payment system is widely accepted and used all over India. That goes for both online and offline shops and even online sportsbooks.
RuPay in Betting
RuPay is one of the best payment options for Indian punters. You can fund your RuPay card with just your bank account, authenticate the transaction and you’re almost done! Doesn’t get much easier than this.
RuPay also allows Indian punters to enjoy almost instant withdrawals and deposits and that too without incurring any additional fees and charges. Moreover, you can rest assured that their whole process will be monitored and be kept safe from any fraudulent activity.
RuPay is so popular that most reputable online sportsbooks will carry this payment option for their users. This reliable form of payment makes sure you enjoy your online betting experience without worrying about how to make seamless deposits and withdrawals!
How to Deposit and Withdraw with RuPay
Making a deposit and withdrawal with RuPay is very easy and can be done in just a few simple steps. In case you aren’t sure how to go about it, we’ve mentioned the steps below.
How to Make a Deposit
Making a deposit with RuPay is fast and convenient. Follow the steps mentioned below to get started with your first deposit with RuPay.
- Log into your online betting account and navigate to the Cashier/Banker section.
- After that click on Deposit and from the options provided, choose RuPay and enter the amount to deposit.
- You will then be asked to link your card to the transaction and provide card details like the card number, expiry date and CVV.
- Once you have submitted that, you can authenticate the transaction by providing the OTP that is sent to your phone number.
- Enter the code to finish up the transaction and you’re done!
The deposit time for RuPay payments usually happens instantly but may vary based on the online sportsbook.
How to Make a Withdrawal
Making withdrawals with RuPay is just as easy as making deposits. However, you will need to complete a Know Your Customer or KYC procedure to validate your account. This is a fairly simple process and is placed to ensure all users’ safety and security at the online sportsbook.
After you’ve done that, you can follow these simple steps to get started with your first RuPay withdrawal.
- Log into your online betting account and navigate to the Cashier/Banker section.
- After that click on Withdraw and from the options provided, choose RuPay and enter the amount you want to withdraw.
- Provide the card details as you did for the deposit and authenticate the transaction with the OTP.
- Once you have submitted all that, the withdrawal request will be sent to the online betting site for approval.
Withdrawals are usually processed within 12 to 72 hours but may vary based on the betting site at hand.
Security of RuPay
Like we mentioned before, RuPay is completely safe and secure to use in online betting sites. RuPay uses 256-bit SSL encryption protocols for their online and digital transactions.
Also, each transaction is authenticated and verified with 2-factor authentication from the user. This payment system is supported and regulated by the Reserve Bank of India and is in collaboration with some of the most reputable banks in the nation. Hence, you can rest assured that all your transactions and payments are monitored and scanned to avoid any fraudulent activities.
Bear in mind though that your online safety cannot only be reassured with RuPay. The betting site you are playing in will also need to be safe and secure at all times. Always choose a betting site that is licensed by relevant authorities and has SSL encryption protocols.
How to Open a RuPay Account
To get started with your RuPay card, you have to first find out if your current bank offers this service or not. To do this, you can simply give them a call on their hotline or check their website. If your current bank does not offer this service, you may need to open an account in another bank that accepts this form of payment.
So far we have seen that most of the public and private banks in India issue RuPay cards so hopefully it shouldn’t be a problem!
To make an account and get your RuPay card, follow the steps mentioned below.
- Visit your bank or the RuPay website.
- From your bank, you will need to ask them to issue a RuPay card for you against your current bank account.
- If you go to the website, you need to first choose the type of card you want, whether it is a debit, credit or prepaid card.
- After you choose one, you will be given a number of options for different banks.
- According to your needs, pick one card with your current and proceed to fill out all details.
- Fill out all the account details along with card details and then submit it for processing.
RuPay and the bank will then need to validate and verify all the information you have submitted. After that is complete, your card will be sent to the registered address or can be picked up from the bank.
When it comes to fees, RuPay users will enjoy little to no fees for making transactions both online and offline. There may be some fees that are attached to each transaction but they will be nominal. As for online sportsbooks, there are usually no fees for making deposits and withdrawals with RuPay.
However, keep in mind that the fees will also depend on the online sportsbook you choose to bet at. There may be some fees that the online betting site has placed which will be incurred during deposits and withdrawals.
To find this out you can check the betting website and look under their terms and conditions. This part will usually entail all the information regarding any fees that may be attached for using RuPay.
Alternatives for RuPay
While RuPay is one of the best payment methods for Indian punters, you may still want to explore your options and we can understand that. Thus, we have rounded up some of the best alternatives for RuPay and all they have to offer for punters.
If you’re looking for easy and fast payment solutions for online betting, then e-wallets may be for you. Some examples of e-wallets are PayPal, Neteller and Skrill. These are digital wallets where you can store your funds and use it for online payments.
The good thing about e-wallets is that you can have multiple sources of funds under one wallet. Still, keep in mind that there are significant fees for using e-wallets in online transactions.
Other Debit or Credit Cards
There are many other debit and credit cards, much like RuPay, that are widely accepted all over India. These cards are linked to your bank account and use funds within your account. Some examples of these can be VISA, Mastercard or American Express. These are versatile and are accepted almost everywhere and more so in online sportsbooks.
Even so, just like e-wallets, there are significant fees attached to credit or debit cards as well as some maintenance fees.
Another great option for Indian punters is paycards like Neosurf or Paysafecard. These are voucher-based payment systems that can be used to make deposits into your betting account. This payment method has the highest level of security as you do not need to enter any personal information to input money into your account.
One major drawback with this payment method is that you cannot withdraw your winnings from the account and can only make deposits.
FAQ: RuPay Betting Sites in India
Now let’s discuss some of the FAQs for RuPay betting sites in India.
Using RuPay is completely safe and secure and allows bettors to have a secure online betting experience. This payment method is regulated and supported by banking authorities and thus is always kept safe for users. Along with that, also make sure you are betting on a safe website that is licensed and has SSL encryption.
With RuPay, you can make both deposits and withdrawals at an online sportsbook. Deposits and withdrawals have a similar procedure. However, you will need to complete a KYC procedure for the withdrawals. To know more, read the steps we mentioned above.
Each RuPay transaction will ask the user to authenticate and verify the transaction with an OTP. This will be sent to the registered phone number that is linked to the account. This security measure is kept in place to make sure your account is safe and secure from any fraudulent activities or scams.
There are no additional fees issued by the bank for using RuPay. As far as we have seen, online betting sites do not charge users any extra fees for making deposits and withdrawals with RuPay. However, this will depend on the online sportsbook and can vary based on the situation.
If your payment is declined then you should definitely contact the support team of RuPay. All their contact information is available on their website. In case the problem persists, you can contact the customer support team of the online sportsbook.
Deposits made with RuPay typically happen instantly but will vary based on the betting site. The average waiting time for deposits can take a few hours or a few days in rare cases.
As for withdrawals, you can expect to see the amount in your account right after the online betting site has approved your request. This could take anywhere between 12 to 72 hours but will also vary based on the sportsbook you choose.
We have also gathered some useful tips to help you with your RuPay betting adventure. These are also applicable for online betting as a general.
Take Your Time
When you are gambling with money online, it is good to slow down and take your time. Understand what it is you really seek from a payment method and then choose one to your liking. Make sure you keep all the security aspects in check and make an informed decision.
Before you go in to make your deposit with RuPay, ensure that the online sportsbook you choose actually accepts this payment method. You can find this information on the betting site under terms and conditions and accepted payment methods.
Every online sportsbook will have transaction limits for both deposits and withdrawals. These are usually in the form of minimum deposits and maximum withdrawals. So, before settling on an amount to input into your account, check all the transaction limits for that betting site.
While there are usually no fees attached with making a transaction with RuPay, you can never be sure of it. There may be fees that are specific to the online sportsbook you chose. Therefore, just visit the site before to make sure there aren’t any unsuspecting fees attached to RuPay transactions.
Wrapping Up – RuPay Betting Sites in India
All in all, this payment method is one of the best for Indian punters. It is safe, convenient, fast and hassle-free. You simply need to issue a card from your local bank to get started with this payment method.
Explore the best RuPay betting sites today and make the most of your betting experience today!