State Bank of India (SBI), the largest state-owned lender in India, is set to introduce RuPay credit cards in the country.
The move was confirmed by SBI Card MD and CEO Hardayal Prasad in an interview to the news agency PTI. However, he did not provide any definite timeframe for the launch but expressed confidence that it will be rolled out this fiscal.
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RuPay is a domestic card payment scheme developed by National Payments Corporation of India (NPCI).
Prasad was quoted by the news agency as saying: “We will be (launching RuPay based credit card) soon. There is a last agreement that is left out at the end of NPCI level.
“I think NPCI is going to send it any day and we will be launching some products.”
The move is expected to bolster domestic payments network which is largely dominated by Mastercard and Visa.
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By GlobalDataThe announcement follows the launch of RuPay cards in Bhutan and the UAE in the last couple of weeks. The Indian system of electronic payment is also available in Singapore.
RuPay has also partnered with several international players such as Japan Credit Bureau, Discover and China Union Pay to boost its international acceptance.
Prasad also told PTI has SBI Card has introduced Interactive Live Assistant (ILA), a chatbot on the mobile app to improve consumer experience.
It provides the customers with a suite of self-service functionalities and helps to improve passenger convenience.
