To make future payments seamless, RuPay can help Indian students pursuing MBBS in Russia complete their transactions in Russian Ruble. And vice-versa for Russian students studying in India.
But what is RuPay? and what is the scope of rupay in Russia ? It is a new financial payment system which is widely accepted at ATMs and websites (e-commerce) nationwide. It is an Indian company where the name ‘RuPay’ is derived from two words which are ‘Rupee’ and ‘Payments’.
It is a completely secure money transaction network that can be used in India and anywhere in the world. RuPay is a debit-only card which is linked to your bank’s savings account. RuPay debit card is similar to your other types of cards like Visa debit cards, MasterCard debit cards and Maestra debit cards.
Established in 2005 by the Board of payment and Settlement systems by the Reserve Bank of India. RuPay has become one of the most popular debit cards in India.
Let us understand the impact of RuPay on Indian students in Russia –
What are the advantages of using RuPay cards?
RuPay is issued by several banks which include private, public, regional and cooperative banks. It is also associated with banks that are international.
The advantages of using RuPay cards are –
- Accepted worldwide
- Instant payment transactions
- Offers and discounts
- Low transaction costs
- Cashback on online payments
- Secured consumer information
How can RuPay help Indian students studying MBBS in Russia?
For MBBS students in Russia using cards such as RuPay can benefit a lot. There are many ways a RuPay can help students ease their financial systems work between countries.
Some of the benefits of RuPay for students are –
- There is no requirement for students to open a Russian bank account
- Payments are easy for students to pay online in Russia
- You can use RuPay on any e-commerce platform/ shopping or in restaurants in Russia
- Forex exchange won't be necessary before leaving India
- Money transfer from India to Russia is easy
- There won’t be a need to worry about the forex exchange rate
Takeaway
Financial systems like RuPay (India) and MIR card (Russia) strengthen the relationship between both countries. Such an initiative can take one step toward positive manifestation between Russia and India.
Where a majority of countries have sanctioned Russia due to the Ukraine war, India’s support is a relief for Russia. It also strengthens educational ties between India and Russia. Considering a majority of Indian medical students go to study MBBS in top medical universities in Russia.
FAQ
Yes, RuPay is perfect for Russia as well as within India. It makes the payment for fees and other e-commerce websites abroad easy.
Not necessarily, if you own a RuPay card, you do not need a Forex card. RuPay is directly linked to your bank’s debit card so you can complete all payments with RuPay.
Opening a bank account can be a hassle, but if you have payment systems like RuPay then you do not require a Russian bank.
