Overview
NPCI-owned card platform RuPay dominates a third of the debit-card market. NPCI rules the mobile-payment market with UPI. But the credit-card segment will be a tough nut to crack, with the home-grown platform lagging its seasoned American rivals on many counts
When National Payments Corporation of India (NPCI) launched
RuPay in March 2012, the Atmanirbhar theme was loud and clear. The idea was to
establish a domestic, open, and multilateral system for a card-payments
infrastructure, which was thus far dependent on foreign technology. In the
years that followed, public-sector banks (PSBs) were prodded to play along and
RuPay debit cards managed to corner 35% market share within a short time.
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