After RuPay debit card which was launched in 2012, National Payments Corporation of India (NPCI) will launch RuPay credit card this year in June/July. This launch is subject to approval from Reserve Bank of India.
Here are the details on soon to be launched RuPay credit card –
- RuPay will be co-branded with Mudra Bank.
- Initial launch was supposed to be in January 2016.
- Due to technical work, the launch was delayed.
- Initially NPCI will collaborate with 5-6 banks in India and post that more banks would be added.
- Card will have acceptance across the globe.
- Internationally it would be under the name of RuPay International.
- For enabling international transactions, NPCI has tied up with financial institutions of various countries such as JCB-Japan, Union Pay – China, Discover financial services – USA.
- There won’t be annual fee. Check out credit cards with no annual fee in India.
- Since transactions made through RuPay will be carried out in India, cost of clearing and settling would be low. As of now, all transactions done through visa and mastercard and others are processed outside India resulting in higher charges. This won’t be the case with RuPay card. Check out difference between, RuPay and international cards.
- These cards will be issued by most of the banks in India to increase user base.
Since card will be designed and manufactured in India, it will further lead to cost reduction. Benefit of this, will ultimately be passed to the consumers and also to the banks. RuPay debit card has got a thumbs-up from Indian consumers even though many have faced technical as well as usage issues.
Here are the statistics of Rupay Debit card:
- 240 million customers
- 20% of transactions are carried out
- The card is accepted in over 1.80 lakh ATMs across the country
Read in detail about this card here.