National Payments Corporation of India (NPCI) is now going to enter the credit card business and will commercially launch the Rupay credit card in a month. NPCI chairman, M Balachandran confirming the news and said: “Maybe in a month’s time, will be able to make the commercial launch (of RuPay credit card)”.
NPCI who is currently offering only RuPay debit cards has associated with 10 banks including public sector and cooperative banks to make the pilot launch of the “Rupay Credit Card”. Rupay debit cards were first launched in April 2012.
Balachandran said “We are all set for launching the credit card version of RuPay card. We have been undertaking more than 300 different workshops as part of the launch campaign”. Providing the statistics, he said there are 775 million debit cards whereas 25 million credit cards in the domestic market.
The RuPay credit card would be offered in four variants including a high-end card that would offer insurance for up to Rs 10 lakh, he said.
Besides the credit card launch, NPCI also announced the launch of ‘tap and go’ card which would be used to travel in Kochi Metro project. This new travel card is scheduled to be inaugurated by Prime Minister Narendra Modi on June 17.
Adding to the statement he said,”We will simultaneously be launching a similar card for the BMTC (Bengaluru Metropolitan Transport Corporation) in Bengaluru on that day itself”.