The National Payment Corporation of India (NPCI), has said in a statement that the new RUPAY credit cards would be launched in less than ten months. The Officials Mr. Lalatendu Mishra and Mr. S. Varadharajan said that the RUPAY business cards will soon cater the services of a credit card. They also revealed that according to the data available with the Finance Ministry, the RUPAY card holders share is 27percent in the Indian Banking market.
The officers explained that the existing RUPAY debit card can be used at any ATM and PoS services across the country at a nominal fee when compared to the other card service holders. At present the RUPAY cards are accepted at one million points of sale terminals and about 20000 online merchant sites. The card can also be used in transactions at foreign ATMs.
When asked by the media, the need for another business card when there are several others, the officers from NPCI said that the objective of the RUPAY card was to encourage the people, to use more of the digital cash. It also said that the usage of a domestic card will account for financial inclusion and will decrease the inter bank expenditure, in accordance with the “Make in India” initiative.
The Central government has issued 14 core debit cards so far, out of which 55 percent of the cards are active. The RUPAY card accounts for 27pc of the market share, The Hindu reports
