Around 16% of total credit card spending occurs on the RuPay network, with nearly half of these transactions made via credit on the Unified Payments Interface (UPI), Dilip Asbe, managing director and CEO of National Payments Corporation of India (NPCI), said on Friday.
Speaking to journalists at the Mumbai Tech Week, Asbe noted that over 30 banks currently issue RuPay credit cards in the country.
"About 16% of total credit card spends are happening on Rupay now, and about 50% of that is happening on UPI," he said.
According to recent data published by the Ministry of Finance, as of October 2024, more than 750 million transactions worth Rs 63,825.8 crore were processed through RuPay credit cards on UPI in the current financial year. This more than doubled from 362.8 million transactions valued at Rs 33,439.2 crore in the last fiscal year.
However, Visa and Mastercard continue to dominate India’s credit card market, even as RuPay gains traction, driven largely by the adoption of UPI-enabled credit cards.
The Reserve Bank of India (RBI) approved the integration of UPI with RuPay credit cards in June 2022, making RuPay the only UPI-linked credit card network in the country and giving it a significant boost.
In October 2023, NPCI introduced interchange fees for credit card UPI transactions, though small merchants were exempted.
Further strengthening RuPay’s position, the RBI in March 2024 mandated that card issuers offer multiple network options to customers and prohibited exclusive agreements that limit their choice of card networks.
NPCI R&D centre and headquarters
NPCI is also setting up a 5,000-person-capacity research and development (R&D) centre as part of its global growth strategy.
“We are building about 5,000-people-capacity R&D and experience centre… Around 70 countries have visited the NPCI office in the last four to five years,” said Asbe.
Additionally, the Mumbai Metropolitan Region Development Authority (MMRDA) has allocated a plot in the Bandra Kurla Complex (BKC) for NPCI’s new global headquarters.
Over the years, NPCI has been working through its subsidiary, NPCI International Payments Limited (NIPL), to expand UPI’s reach to international markets.
Currently, UPI is operational in seven countries: Bhutan, France, Mauritius, Nepal, Singapore, Sri Lanka, and the United Arab Emirates (UAE).
In January, UPI processed 16.9 billion transactions, which together amounted to a transaction value of Rs 23.48 lakh crore.
Speaking to journalists at the Mumbai Tech Week, Asbe noted that over 30 banks currently issue RuPay credit cards in the country.
"About 16% of total credit card spends are happening on Rupay now, and about 50% of that is happening on UPI," he said.
According to recent data published by the Ministry of Finance, as of October 2024, more than 750 million transactions worth Rs 63,825.8 crore were processed through RuPay credit cards on UPI in the current financial year. This more than doubled from 362.8 million transactions valued at Rs 33,439.2 crore in the last fiscal year.
However, Visa and Mastercard continue to dominate India’s credit card market, even as RuPay gains traction, driven largely by the adoption of UPI-enabled credit cards.
The Reserve Bank of India (RBI) approved the integration of UPI with RuPay credit cards in June 2022, making RuPay the only UPI-linked credit card network in the country and giving it a significant boost.
In October 2023, NPCI introduced interchange fees for credit card UPI transactions, though small merchants were exempted.
Further strengthening RuPay’s position, the RBI in March 2024 mandated that card issuers offer multiple network options to customers and prohibited exclusive agreements that limit their choice of card networks.
NPCI R&D centre and headquarters
NPCI is also setting up a 5,000-person-capacity research and development (R&D) centre as part of its global growth strategy.
“We are building about 5,000-people-capacity R&D and experience centre… Around 70 countries have visited the NPCI office in the last four to five years,” said Asbe.
Additionally, the Mumbai Metropolitan Region Development Authority (MMRDA) has allocated a plot in the Bandra Kurla Complex (BKC) for NPCI’s new global headquarters.
Over the years, NPCI has been working through its subsidiary, NPCI International Payments Limited (NIPL), to expand UPI’s reach to international markets.
Currently, UPI is operational in seven countries: Bhutan, France, Mauritius, Nepal, Singapore, Sri Lanka, and the United Arab Emirates (UAE).
In January, UPI processed 16.9 billion transactions, which together amounted to a transaction value of Rs 23.48 lakh crore.
