NPCI to Launch NFC Rupay Credit Cards Soon

The National Payment Commission of India has decided to launch its commercial Rupay credit cards facility for customers. Presently out of 800 million cards, only 25 million are credit cards and rest are debit cards.

Maintain the Balance and Make it Popular in India

Chairman of NPCI, Balachandran M, wants to push credit cards into the market as the ratio between credit and debit cards is very wide unlike countries like US and European countries. Balachandran said that ten banks are using Rupay credit cards on pilot project and the launching will take place in month’s time. Rupay cards will be easier to go for customers as the transaction charge will be less compared to other international cards. Both cooperative and public sector banks are working on Rupay credit cards as the government hopes to popularize banking and digital transaction through Rupay Credit cards.

Rupay Credit Cards and its Advantages

There will be four variants of Rupay Credit Cards that are going to be launched. The select, a premium card, platinum which will have certain limitations in comparison to the high end card and classic, lowest limit card apart from the Rupay mudra card. The chairman told that NPCI will be launching new products like tap and go transit card in Bangalore and Kochi this weekend. This will be used in public transportation and metros.

Balachandran added that NPCI is working on NFC system and they will launch NFC enabled Rupay credit cards in 6-9 months. NPCI is also heading to introduce tap and go transit card in Chennai Metro very soon. There will be numerous advantage of using Rupay credit cards. Not only will it be beneficial for customers but also for the banks to attract new customers and to earn some profit.

Rupay Credit card will have low transaction fee compare to the rest credit card companies. It will also have fewer fees and will give high credit amounts for its customers depending on the card type. Nearly 13% of the transaction in India takes place through Rupay cards and introducing Rupay Credit cards will add more to it.