According to RBI-promoted National Payment Corporation of India (NPCI), which developed the card, there are plans to more than triple the issuance of RuPay cards to over 10 million by the end of FY14.
Within two years of launch, more than three million RuPay cards were issued as of the end of March.
NPCI Managing Director and Chief Executive, A P Hota, said, ‘Come May 25, the RuPay cards will be ready for e-commerce payments. So far, we were present only at the ATM and points-of-sale (PoS) space. With the activation of the RuPay Cards on the e-commerce space we will be present on the entire e-payment space.’
NPCI had planned to take the number of RuPay cards to 10 million by the end of the current fiscal, he said. Visa and MasterCard, the two biggest players in the segment, together have 280 million cards in use in India currently.
Hota also said that the card would break even in seven years. He said, “Our priority is not to make money. We can very well turn profitable if we charge at the rate others are charging. We are a not-for-profit entity building a public infrastructure for the nation.”
Eight public lenders – SBI, BoB, PNB, Canara Bank, OBC, BoI, Union Bank and Punjab & Sind Bank- and private sector Federal Bank are issuing RuPay cards.