RuPay, India’s own payment network floated by the National Payment Corporation of India (NPCI), is set to launch RuPay credit cards in 2016.
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NPCI chairman M Balachandran said that the debit card issued by RuPay by banks in India has showed that there is a huge potential for cards penetration and transaction.
He added that almost 13% of ATM, point of sale and ecommerce transactions are done through RuPay cards and also the number of transactions were growing at a generous 1-2% month on month.
Balachandran said that NPCI expects to reach every Indian by 2020. Till date, over 160 million RuPay cards have been issued to customers by banks.
RuPay, which has partnered with overseas banks to boost presence outside India, is in an advanced stage of talks with China Union Pay for a tie-up for more proliferation overseas, he added.
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By GlobalDataThe number of transactions under the NPCI platform has grown multi-fold in the last five years from two million transactions a day to 20 million transactions now.
The RuPay card has been designed to provide complete inter-operability between various payment channels and products.
"We are coming out with a ‘Tap and Go’ solution for all smart cities. This will happen in about a year’s time. NPCI has given this to Axis Bank for Bangalore Metro and Kochi Metro," Balachandran said.
