RuPay, India’s own payment system floated by the National Payments Corporation of India (NPCI), is set to roll out RuPay Credit Cards in 2016.

Disclosing this here on Tuesday, M Balachandran, Chairman, NPCI, said the RuPay (debit) cards issued by banks in India have shown that there is huge potential for growth of cards and the traction so far has been phenomenal.

“Nearly 13 per cent of usage on ATMs, Point of Sale (POS) and e-commerce transactions is through RuPay and this has happened within a year of introduction of RuPay cards,” Balachandran said, adding “transactions through RuPay is gaining 1 to 2 per cent strength month-on-month.”

Till date, banks have issued 160 million RuPay cards. NPCI is aiming to touch every Indian by 2020 and thereby support the growth of retail electronic payments in India.

The card, he said “is uniquely positioned to offer complete inter-operability between various payment channels and products. NPCI currently offers solutions across platforms, including ATMs, mobile technology, etc.”

Speaking on the sidelines of an event to commemorate the International Day of Family Remittances, the NPCI chief said the Corporation has grown multi-fold in the last five years from two million transactions a day to 20 million now.

RuPay has also tied up with overseas banks such as JCB for expansion outside India, he said, and hinted that discussions are at an advanced stage for tie-up with China Union Pay.

“We are coming out with a ‘Tap and Go’ solution for all smart cities. This will happen in about a year’s time. NPCI has given this to Axis Bank for Bangalore Metro and Kochi Metro.”

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