Visa and Mastercard have dominated the debit and credit card industry in India for three decades
The Indian card payment scheme RuPay is on its way to break the three-decade-old dominance of international card giants Visa and Mastercard on the value and volume of transactions in the country. The domestic debit and credit card payment network of India is set to leave behind at least one of the two international card systems this year, according to a report in The Economic Times.
Dilip Asbe, chief executive at National Payments Corporation of India (NPCI), addressed a meeting of country’s top bureaucrats last week. During the meeting, he shared that RuPay cards will reach the second spot among schemes on value and volume done on PoS machines and ecommerce.
The chief executive of NPCI – the organisation that launched RuPay cards nearly six years ago – also said that he did not see any reason of why RuPay should not reach the top spot in a couple of years, in both value and volume.
Counting achievements of the card payment scheme, the official said it has pushed issuance of debit card from 35 banks to about 1,000 banks now, enabling more people to go back and use them for digital transactions.