Chatting with journalists on the Mumbai Tech Week, Asbe mentioned greater than 30 banks at present problem RuPay bank cards.
Based on knowledge printed by the Ministry of Finance, greater than 750 million transactions value ₹63,825.8 crore had been processed by means of RuPay bank cards on UPI within the ongoing fiscal yr till October 2024. A yr earlier, these have been 362.8 million transactions valued at ₹33,439.2 crore.
Nonetheless, Visa and Mastercard proceed to dominate India’s bank card market, whilst RuPay positive factors traction, pushed largely by the adoption of UPI-enabled bank cards.
The RBI permitted the mixing of UPI with RuPay bank cards in June 2022, making RuPay the one UPI-linked bank card community within the nation, giving it a major increase.
In October 2023, NPCI, which manages UPI, launched interchange charges for bank card UPI transactions, although small retailers have been exempted.Additional strengthening RuPay’s place, the RBI in March 2024 mandated that card issuers supply a number of community choices to clients and prohibited unique agreements that restrict their alternative of card networks.
NPCI R&D centre and HQ
NPCI is establishing a 5,000-person-capacity analysis and growth centre as a part of its international progress technique, mentioned Asbe. He mentioned representatives from about 70 international locations have visited the NPCI workplace within the final 4 to 5 years.
The Mumbai Metropolitan Area Growth Authority has allotted a plot within the Bandra Kurla Complicated for NPCI’s new headquarters. Through the years, NPCI has been working by means of its subsidiary, NPCI Worldwide Funds Ltd, to broaden UPI’s attain to worldwide markets.