UPI integration gives a fillip to RuPay credit cards distribution

economictimes.indiatimes.com:

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.

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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.

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American 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.

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