The Indian card network, RuPay, has become the leading player in the market with more than 459 million transactions, more than half of total transactions in India. Rupay became the largest payment card network exceeding VISA in June, after touching the base of 375 million transactions.
Until May 2018, the transaction via the RuPay card went from 1,929 crore to 2,347 crore Rs at the end of March 2018, press agency. RuPay cards can be used at 1.45 lakhs ATMs, at 26.14 lakh POS terminals, and at various e-commerce sites in India.
The reason for RuPay's success could also be the reduction of processing fees. Transactions made via RuPay result in a processing fee 23% lower than Visa and Mastercard.
In addition, the card is currently accepted in 39 PSUs and private banks, 39 banks. Recently, the Goods and Services Tax (GST) Board tested a maximum of 100 rupees on digital Rupay card payments and the BHIM app to promote transactions without cash.
The success of RuPay could also be attributed to the participation of Prime Minister Narendra Modi in the promotion of the payment card network. In June of this year, he had urged people to use RuPay, saying that the gains generated by his transactions would remain in India, while the revenues of others would go abroad.
"Those who talk about patriotism, everyone can not go to the border for the security of the nation. We can also serve the nation with the RuPay card. If you take the habit of using the RuPay card … this will also become a way of serving the nation, "said Modi, of the PTI.
In the United States, its competitor Mastercard said that Modi was using nationalism to promote the use of a national payment network, thus curbing its growth in India.