Rupay, the local card payment network, which accounted for only 0.6% of the market in 2013, now controls half of the segment, ahead of Visa, Mastercard and other players combined. The transaction via the RuPay card rose at the end of March 2018 until the end of March 2018, from 1,929 crore to 2,201 Malian crowns until May 2018 of the country.
More than 459 million transactions, more than half of total transactions, are made in India with RuPay. Last June, Rupay became the largest payment card network, VISA piping, when it touched the base of 375 million transactions.
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The reasons for the rise of RuPay
Among the main reasons for the ramp-up of the local card payment network is the reduction of processing fees. In comparison with Visa and Mastercard, transactions made via RuPay result in a lower processing fee of 23%. At present, the card is accepted in 39 PSU and private banks, 39 banks. The GST Board recently announced a cashback of up to 100 rupees on digital payments via the Rupay card and the BHIM app to promote cashless transactions.
Finance Minister Arun Jaitley recently mentioned the growth of RuPay and UPI in a Facebook publication. He said RuPay's total transactions reached $ 1.15 billion in September. The statement came after Mastercard informed the US government that Prime Minister Narendra Modi was using nationalism to promote RuPay.
Assigning Rupay's rise to the efforts of Prime Minister Narendra Modi on November 9, Twitter told BJP: "Indigenous card payment network, RuPay now holds 50% market share in India compared to 0.6% in 2013. The government's relentless efforts in favor of financial inclusion programs, aimed at making financial services accessible to the "least privileged", "BJP's Twitter account is posted."