National Payments Corporation to Launch Three Cards

The National Payment Corporation of India (NPCI), an umbrella institution for retail payments, will roll out three cards, including a credit card, within next one year, a senior company official said on Monday.

The company will launch a ‘Mudra’ card, a credit card and an international card, its Chairman M Balachandran told reporters here.

NPCI, which had launched the RuPay payment scheme earlier, is in talks with Japanese and Chinese bank card associations to enable Indians avail of international services wherever the two firms are operating.

“We are in talks with (Japan-based) JCB and China Union Pay,” he said.

On NPCI’s operations, he said transactions had increased from two million to about 20 million a day in the last five years. Last month, it clocked 550 million transactions.

It was further expected to scale up to 40 million a day in another two to three months and likely to touch 100 million a few months later, he said, adding that the required expansion measures were being put in place.

Transactions include withdrawals from ATMs, Point of Sales (POS) operations and cheque clearing.

NPCI will hold ‘e-Payments Literacy Workshop’ on September 8 in about 120 locations in 28 states and more than 24,000 participants were expected to attend, he said.

Participants will be familiarised with ATM features and other facilities.

Security tips on mobile number registration, seeding Aadhaar with banks and payment solutions through RuPay cards at PoS and others will be highlighted, he added.