Card payment network RuPay sees boost from Indian government’s financial inclusion scheme
Friday, September 12, 2014
The government’s financial inclusion drive to expand banking services in the country, is giving a boost to home-grown card payment network RuPay, which expects to quadruple the number of users by March and make debit cards more acceptable in a nation where cash is still king.
Started in 2012 by National Payments Corp of India (NPCI), a company owned by 10 local and foreign banks, RuPay competes with global payment firms Visa and MasterCard for the few customers in Asia’s third largest economy able to afford a debit or credit card.
RuPay’s share of daily card transactions, however, remains small compared with the global firms, which are more established, offer both debit and credit cards and are accepted by more retailers. RuPay currently offers only debit cards.