RuPay credit cards next year
RuPay, India’s own card payment system floated by the National Payment Corporation of India (NPCI) would roll out <g data-gr-id="31">RuPay</g> Credit cards from next year, a top official said here on Tuesday.
"Issuance of the card is expected to give Visa and MasterCard a tough competition, since the debit card issued by <g data-gr-id="32">RuPay</g> by banks in India has revealed that there is a huge potential for cards penetration and transaction," NCPI Chairman M Balachandran told reporters here. About 13 per cent of total transactions on <g data-gr-id="26">ATM ,</g> Point of Sale and Ecommerce have come through the scheme within a year of introduction of <g data-gr-id="33">RuPay</g> cards, he said adding that transactions through this was growing one to two per cent month on month.
Balachandran, here to participate in the celebration of first International Family Remittance Day, said NPCI targets to reach every Indian by 2020. So far, over 160 million people have been issued <g data-gr-id="19">RuPay</g>. In the last five years, the organisation has grown <g data-gr-id="20">multi fold</g> from two million transactions a day to 20 million transactions now, he said. <g data-gr-id="21">RuPay</g>, which had tied up with overseas banks like JCB of Japan, is holding negotiations for <g data-gr-id="22">tie-up</g> with China Union Pay for more proliferation overseas, Balachandran said.
The event was organised by payment solutions company GI Technology in association with NPCI and Dhan Foundation and was aimed at sensitising migrant workers, banks, retailers and society about
digitalisation of <g data-gr-id="15">payment</g> system, he said.