The National Payments Corporation of India (NPCI) is looking to aggressively push up the usage of RuPay credit cards in the market and is seeking bank tie-ups to help this.
According to two senior bankers in the know, NPCI is working closely with a clutch of major banks to find out ways to push the usage of these credit cards and has set an internal target of cornering around 10% of the overall monthly credit card spends in the next year.
“RuPay has hardly moved the needle in its credit card business, but the recent regulatory nod for RuPay credit cards on UPI transactions is opening up fresh use cases,” said one of the bankers quoted above. “Currently, it will have around 1% of the overall spends, the target for NPCI is to push it up 10 times.”
With UPI being allowed on RuPay credit cards, NPCI is hoping to attract more lenders as it could be a major source of attraction for consumers.