RuPay Card Usage

NPCI will come up with the guidelines in consultation with the ecosystem. It will send a formal proposal to the RBI, and after the apex bank's nod, it will be operationalised.

RuPay transaction volumes rose marginally during the pandemic, value rose 40 per cent

The National Payments Corporation of India (NPCI) is looking at increased uptake of its RuPay debit cards among premium customers as deals signed between banks and its global competitors Visa and Mastercard expire over the next few years.While RuPay controls 42 per cent of the Indian debit card market, they only contribute 16 per cent of Point of Sale (PoS) and e-commerce transactions. This is largely due to the fact that majority of RuPay cards (around 220 million) are held by benefactors of the Jan Dhan Yojana scheme."Visa and Mastercard are international companies, they have deep pockets. At the time of the launch of the RuPay debit card, they had signed three to five year deals with banks. Once these deals expire, and banks have an opportunity to change their portfolio, they might consider RuPay," said A P Hota, Managing Director and CEO of NPCI.RuPay was launched around five years ago, designed as local payment mechanism and as an alternative to Visa and Mastercard. NPCI has ...