UPI integration gives a fillip to RuPay credit cards distribution
RuPay credit cards has given a major push to these domestic cards. Around 30% of new credit cards issued in the country now are on the RuPay network, two people in the know said.
Modi 3.0 Live
Modi 3.0 is here! Familiar faces, fresh additions, and the big portfolio puzzle
Modi-fying growth: India plans policy twist for jobs & investment
No place for losers: Modi sends a clear message with Cabinet 3.0
In comparison, RuPay cards accounted for around 5% of the new credit card issuance in 2022-23, before the Reserve Bank of India allowed linking UPI with these cards, they said.
Elevate Your Tech Prowess with High-Value Skill Courses
Offering CollegeCourseWebsiteIndian School of BusinessISB Product ManagementVisitMIT xPROMIT Technology Leadership and InnovationVisitIndian School of BusinessProfessional Certificate in Product ManagementVisitAmerican card payment majors Visa and Mastercard dominate the domestic credit card market.
“Large banks are issuing RuPay credit cards more proactively, given there is customer demand… Even co-branded cards are now running on RuPay platform which is helping fresh issuance to go up,” a senior banker told ET.
Emailed queries to the National Payments Corporation of India (NPCI), which launched RuPay payment card scheme, remained unanswered till press time Wednesday.
However, while card issuance has gone up, transaction growth has not kept pace, industry insiders said.
Also read | RBI diktat to banks, credit card companies set to upend long-term integrations
There are certain concerns
