Do you want to find a binary options brokers that allow you to deposit and withdraw money using RuPay? If you do then you can find a list of the best RuPay binary options brokers below. Use our reviews to find the RuPay broker that fits your needs the best or go directly to the broker to open an acccount.
Best RuPay Binary Options brokers
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The name “RuPay” is derived from the words “Rupee” and “Payment”.
RuPay is an Indian domestic card scheme conceived and launched by the National Payments Corporation of India (NPCI). It was created to fulfill the Reserve Bank of India’s (RBI) desire to have a domestic, open-loop, and multilateral system of payments in India. The main objective behind RuPay was to reduce the dependency on foreign payment networks like Visa and Mastercard, to lower transaction costs for banks due to lower processing fees, and to ensure that transaction data stays within India.
RuPay offers various types of cards, including debit, credit, and prepaid. These cards are accepted at ATMs, Point of Sale (PoS) terminals, and e-commerce websites across India. Though initially designed for domestic use, NPCI has since tied up with international payment networks like Discover, Diners Club, and JCB to enable RuPay card usage outside India.
RuPay gained significant traction when the Government of India launched the Pradhan Mantri Jan Dhan Yojana, an initiative to ensure financial inclusion. Under this scheme, every account holder was provided with a RuPay debit card.
Benefits and drawbacks of RuPay
What are the pro and cons of using RuPay to deposit money to your binary options broker
Depositing money to a binary options account using RuPay, like any payment method, comes with its own set of advantages and disadvantages:
- Localized System: Being a domestic payment system, RuPay transactions are processed within India. This can lead to faster transaction speeds compared to international card networks.
- Lower Costs: Transaction fees with RuPay are generally lower than international counterparts like Visa or MasterCard. This might mean fewer charges for the end user.
- Supports Financial Inclusion: Given its ties with the Pradhan Mantri Jan Dhan Yojana, many people in India have access to RuPay cards, making it easier for a broader range of people to start trading.
- Enhanced Security: RuPay cards are embedded with an EMV chip, ensuring secure transactions.
- Data Localization: Transaction data remains within the country, which can be viewed as an additional layer of data security, aligning with India’s push towards data sovereignty.
- Limited International Acceptance: While RuPay has tie-ups with some international payment networks, its acceptance outside of India is still not as widespread as Visa or MasterCard. If your binary options broker operates outside of India, they might not accept RuPay.
- Limited Recognition: Some international or even certain national binary options platforms may not recognize or accept RuPay due to its more localized nature compared to global giants like Visa or Mastercard.
- Limited Premium Offers: International cards often come with a range of premium services, cashback offers, and other benefits. RuPay is catching up, but the range of offers might not be as extensive yet.
- Perception Issues: Being a relatively newer entrant in the card network arena, some traders might perceive RuPay as less sophisticated or reliable, even though it offers robust security and processing features.
It’s essential to research and ensure that your chosen binary options broker accepts RuPay as a deposit method before attempting to use it for trading. It’s also advisable to be aware of any transaction fees or processing times that might be associated specifically with RuPay.