NPCI to launch RuPay credit card in one year

The National Payment Corporation of India (NPCI) will roll out three cards within next one year. The company will launch a ‘Mudra’ card, a credit card and an international card. NPCI, which had launched the RuPay payment scheme earlier, is in talks with Japanese and Chinese bank card associations to enable Indians avail of international services wherever the two firms are operating.  On NPCI’s operations, transactions had increased from two million to about 20 million a day in the last five years. Last month, it clocked 550 million transactions. Transactions include withdrawals from ATMs, Point of Sales (POS) operations and cheque clearing.

National Payment Corporation of India
  • National Payments Corporation of India was incorporated in December 2008.
  • The formation of NPCI is aimed to operate for the benefit of all the member banks and their customers.
  • NPCI has successfully completed the major project of developing a domestic card payment network called- RuPay.
  • he RuPay card is now accepted at all the ATMs, PoS terminals and most of the eCom merchants in the country.
  • RuPay scheme is similar to world’s many domestic card schemes, one of which is China UnionPay in China.
  • A variant of the card called ‘Kisan Card’ is now being issued by all the Public Sector banks in addition to the mainstream debit card.

Test Your Knowledge

Who is the present Chairman of NPCI?

Click to View Answer
Answer – M Balachandran