Basis the announcements today around e-RUPI voucher and RuPay Forex Cards issuance by Banks, as a part of RBI’s monetary policy, have shared a quote by Akash Sinha, Co-Founder & CEO, Cashfree Payments.
“The regulator’s announcement to allow Indian banks to issue RuPay Prepaid Forex cards for overseas usage is a significant advancement in facilitating smooth cross-border transactions. This development enhances convenience, cost efficiency, and security, empowering individuals and businesses to engage in cross-border payments with ease. The widespread adoption of RuPay cards abroad supports the Government of India’s vision of a digital economy, promoting digital payments, financial inclusion, and overall economic growth. India has placed significant emphasis on cross-border payments in recent times, recognizing their crucial importance. The acceptance of RuPay cards by Bhutan, Singapore, Nepal, and the UAE strengthened the push for more cross-border payment partnerships and expanded the global reach of UPI and RuPay. It also built trust for further collaborations, fostering seamless cross-border transactions and promoting financial inclusivity globally.
Further, the issuance of e-Rupee vouchers on behalf of individuals expands the market potential and increases customer engagement. Additionally, the widespread adoption of e-Rupee vouchers promotes digital transactions, boosting the efficiency and speed of payments, thereby enhancing the overall operational efficiency and financial management for businesses in India.”
