National Payments Corporation of India (NPCI) is focusing on adding new customers for the expansion of indigenous RuPay based credit cards. A top official of the company said this.
NPCI Chief Operating Officer (COO) Praveena Rai told PTI, “If you look at credit cards, we have entered this market recently and we are looking at the market share of new customers. In the last 18 months, around 12-15 per cent of new credit cards are being issued on RuPay.
NPCI provides retail payment and settlement facility in India through RuPay Gateway. It is an initiative of Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) to create a robust payment and settlement system.
Rai said, “It is important for us to expand the reach and distribution of RuPay cards. RuPay is a strong player in the Debit Card and Prepaid Card segment. We are now focusing on building a strong space in the credit card segment as well.”
He said that in the last two years the credit card market in India has grown from about 4-42 million to about 65 million credit cards.
“We are confident that we will be able to meet this demand in the market,” Rai said.