NPCI COO Reveals Plans to Increase RuPay Customer Base

NPCI COO Reveals Plans to Increase RuPay Customer Base

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17 Mar 2022
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NPCI Focusing on ‘Product, Brand & Tech’ to Increase RuPay Customer Base in India

Published On: 17 Mar 2022

The National Payment Commission of India (NPCI) launched RuPay in 2012 as a means to establish a domestic multilateral payment system in the country. Presently, RuPay continues to give stiff competition to its Western counterparts, Visa Card and MasterCard, in the Indian market. In her latest interaction with PTI, NPCI’s Chief Operating Officer, Praveena Rai shared insights on how they are further planning to expand the RuPay credit card base.

If you look at the credit cards, we moved into the market recently and we look at the market share of new customers. In the past 18 months, around 12-15 percent of the new issuances (credit card) is happening on RuPay”. Speaking about the expansion plan, Rai revealed, “RuPay is a strong player in the debit card and prepaid card space. We are now focusing our attention to establish it strongly in the credit card space as well”.

Rai spoke about how the RuPay market has seen a growth from nearly 42 million credit cards to 65 million credit cards in the past few years. Highlighting the unmet gap for RuPay’s ever-increasing consumer base, Rai asserted, “we believe that we will be able to address this demand in the market”.

In recent times, RuPay has partnered with a lot of merchant stores and private banks to cater to the specific needs of credit card users. Some of its recent co-branded products include IRCTC-BOB Financial Rupay card, Patanjali, PNB and Rupay’s contactless credit card variants- PNB RuPay Platinum and PNB RuPay Select, and the recent partnership with TATA IPL 2022. Speaking about how NPCI is focusing to cater to specific needs of the customer base, Rai added, “Product, technology and brand are the three components to take RuPay ahead”. She further emphasised, the “three components need to work closely to deliver something that is really cutting edge and that is our objective”.

Keep this view in mind, the NPCI has launched several initiatives such as Bharat BillPay, EMI facility, etc. and is presently working on tokenisation-based digital transactions on payment apps.

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