RuPay, run by the National Payments Corporation of India, has reported one billion transactions through both online and offline merchant payment modes in FY 19, a 70% jump compared to 667 million transactions in FY 18, according to data from the NPCI and the Reserve Bank of India.
Debit cards, on the other hand, were swiped 4.4 billion times for merchant payments in FY19, a jump of 32% from 3.3 billion transactions in FY18, Economic Times reported.
RuPay competes with other global card payments systems such as Visa and Mastercard.
Industry executives told ET the reason behind RuPay’s growth could be its heightened presence in smaller cities and towns.
Praveena Rai, CEO of Rupay, said, “RuPay currently has 33% market share of card transactions. Today, there are over 1,100 banks issuing around 600 million RuPay cards, half of which are in the mid and premium segments.”
NPCI has also been promoting its use through multiple offers. Rai told ET it was running more than 1,000 offers currently.
Rajeev Agrawal, CEO, Innoviti Payments, which processes card transactions for banks, said, “We have seen RuPay grow to almost 23% of total debit card transactions on our platform, against 17% over the last one year, which is an impressive jump. In some small towns with a population between 10 lakh and 25 lakh, the NPCI-run cards have also become number one in terms of usage on our platform.”