Lok Sabha Question No. 2927 (UNSTARRED), answered on 2022-03-21
Subject: RuPay Card Services
Ministry: FINANCE
Asked by: Vishnu Dutt Sharma

## GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF FINANCIAL SERVICES

## LOK SABHA UNSTARRED QUESTION NO. 2927

ANSWERED ON MONDAY, MARCH 21, 2022/PHALGUNA 30, 1943 (SAKA)

## RuPay Card Services

## 2927.   SHRI VISHNU DATT SHARMA:

Will the Minister of FINANCE be pleased to state:

- (a) whether the Government is making efforts to improve services of RuPay card by National Payment Corporation of India as its volume and value of transactions in the market and its share in the credit card space is much smaller than its other competitors and if so, the details thereof;
- (b) whether the Government is making efforts to increase RuPay card reach in high spending premium customers where it has far lesser presence than its competitors;
- (c) if so, the details thereof; and
- (d) if not, the reasons therefor?

## Answer

The Minister of State in the Ministry of Finance (DR BHAGWAT KARAD)

(a) to (d) The National Payments Corporation of India (NPCI) has launched RuPay Card payment system to offer a domestic, open-loop, multilateral system which will allow all Indian banks and financial institutions in India to participate in electronic payments.

As apprised by NPCI, RuPay Debit card was the first card offering from NPCI and was launched in March 2012. Currently 1189 banks are issuing debit cards. Out of these 1189 banks, International Card Scheme (Visa/Mastercard etc.) are issuing debit cards in 60 banks.

RuPay Credit card launched in 2017 is live with major banks in the country and aims to serve various segment  of  society  ranging  from  mass  to  the  premium  segment  with  its  different  variants  of  Classic, Platinum , Select and Corporate cards. Today, RuPay cards are widely accepted in all parts of the country across all the top PoS Terminals and E-Com merchants.

Some of the steps taken to promote RuPay Card are as follows:

- i. RuPay Credit  Card  is  now  live  with  18  largest  major  issuers  who  contribute  82%  of  the  total issuance.  Currently,  there  is  a  Premium  (Platinum)  &  a  Super  Premium  (Select)  card  variant available on the RuPay Debit & Credit Platform.
- ii. NPCI is making continuous efforts to introduce / modify offers & features with leading merchants in-order to provide at par/ better product offering as compared to other competitors on these card variants in order to induce these premium customers to opt & use RuPay Platinum & Select card. RuPay has also launched 6 successful Co-brands.
- iii. Keeping in view the wider acceptability of RuPay card and the role it is playing in facilitating banking transactions  by  customers/merchants  at  an  affordable  cost,  Public  Sector  Banks  have  been requested to issue RuPay card, in the event of customer not indicating any specific card preference.
- iv. Further, to promote issuance of RuPay card, account holders under PMJDY are provided with a free RuPay Debit card, with an inbuilt accident insurance cover of Rs.1 lakh (since revised to Rs.2 lakh for PMJDY accounts opened after 28.08.2018).
- v. Also, RuPay Kisan Credit Card, Mudra Card & Pungrain Card are issued to cater to specific needs of customers, such as, easy and timely credit for cultivation, credit for working capital and postharvest grain procurement.

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