RuPay to tap premium customers as banks renew deals with Visa, Mastercard

RuPay has 42% of total debit cards; yet it contributes only 16% of full PoS, e-commerce transactions

The National Payments Corporation of India (NPCI) is looking at increased uptake of its RuPay debit cards among premium customers, as deals signed between banks and its global competitors Visa and Mastercard expire over the next few years.

Though RuPay controls 42 per cent of the Indian debit card market, the share of its cards is only 16 per cent of total Point of Sale (PoS) and e-commerce transactions. This is largely due to the fact that the majority of RuPay cards — around 220 million— are held by benefactors of the Jan Dhan Yojana scheme.

"Visa and Mastercard are international companies,