"Issuance of the card is expected to give Visa and MasterCard a tough competition, since the debit card issued by RuPay by banks in India has revealed that there is a huge potential for cards penetration and transaction," NCPI Chairman M Balachandran told reporters here.
About 13 per cent of total transactions on ATM , Point of Sale and Ecommerce have come through the scheme within a year of introduction of RuPay cards, he said adding that transactions through this was growing one to two per cent month on month.
In the last five years, the organisation has grown multi fold from two million transactions a day to 20 million transactions now, he said.
RuPay, which had tied up with overseas banks like JCB of Japan, is holding negotiations for tie-up with China Union Pay for more proliferation overseas, Balachandran said.
The event was organised by payment solutions company GI Technology in association with NPCI and Dhan Foundation and was aimed at sensitising migrant workers, banks, retailers and society about digitalisation of payment system, he said.