1. RuPay, Indian payment company working on ‘contact-less’ debit card

RuPay, Indian payment company working on ‘contact-less’ debit card

Domestic payment gateway RuPay, whose debit cards make up more than a third of the total number of debit cards in the country, is now working on a "contact-less" debit card...

By: | Mumbai | Updated: April 9, 2016 11:56 AM
credit card, credit card debt, vacations, planning a vacation, credit card debt help, credit card vacation, vacation credit cards, vacations ideas, vacations tips, credit card payment, credit card tips, credit card tips India, credit card news “Contact-less” debit card will not be required to be dipped or inserted into a machine, and can instead be scanned by the machine without any physical contact whatsoever, unlike the debit and credit cards in play currently. (Reuters)

Domestic payment gateway RuPay, whose debit cards make up more than a third of the total number of debit cards in the country, is now working on a “contact-less” debit card and is looking to launch it within three months, chief operating officer Dilip Asbe told FE.

“Contact-less” debit card will not be required to be dipped or inserted into a machine, and can instead be scanned by the machine without any physical contact whatsoever, unlike the debit and credit cards in play currently.

“We are very excited about this. Of course, we will have to issue fresh certifications to banks to enable them to start issuing these. But so far, we have received extremely positive feedback,” Asbe said.

Started by the National Payments Corporation of India (NPCI) in 2012, the number of RuPay cards is around 250 million, of the total of 644 million debit cards currently in use in India. This is primarily because of the Pradhan Mantri Jan Dhan Yojana, under which around 170 million RuPay cards were distributed.

NPCI has also issued around 2 million RuPay platinum cards so far. Unlike other gateways, all variants of the RuPay platinum card offer a waiver on fuel surcharge, IRCTC surcharge and free access to lounges across a wide network of airports around the globe. The product has been growing in popularity and will be one of the main focus points for the company going ahead, Asbe said.

The company is now looking forward to launching RuPay credit cards in September, and is aiming at gaining a share of around 10% of the domestic credit card market within the first three years.

As on December 31, the total number of credit cards in India stood at over 22.7 million, issued by 29 banks.

  1. Nicolas Raffin
    Apr 11, 2016 at 7:28 am
    where have you found such a strange picture to illustrate this article ?!the card is here not dipped, not swipe, not even "tapped" !How do you want your readers to understand anything
    Reply
    1. K
      Kintu Shah
      Apr 11, 2016 at 12:21 pm
      Guys, you need to get the picture replaced to match the le:A -> The card is being swiped in the wrong way. The mag stripe is supposed to be on the lower side.B-> No body swipes mag-stripe any more. Everyone uses chip pin, so the card is inserted into the POS terminalC-> To use the Contactless cards, we need the infrastructure in place. Just by issuing cards, one cannot claim that technology is in use.
      Reply

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