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Federal Bank launched the Rupay debit card to provide electronic payment service for its customers.
Rupay is the card scheme launched by the National Payment Corporation of India to offer a domestic, open loop, multilateral system which will allow all Indian banks and financial institutions in India to participate in the electronic payments market.
Since the Rupay Transaction processing will happen domestically, it would lead to lower transaction cost for Federal Bank compared to international schemes, the Kerala-based bank said in a statement.
The debit card would be accepted in over one lakh ATMs and would be accepted at point of sale terminals and internet soon,” the bank said.
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