Indian domestic card scheme RuPay registered exponential growth both in terms of cards in circulation and transaction value between 2015 and 2019, and in the process has ended the dominance of American payment giants Mastercard and Visa, according to GlobalData, a leading data and analytics company.
An analysis of GlobalData reveals that the number of RuPay debit cards more than doubled from 263 million in 2015 to 605.3 million in 2019. Launched by the National Payments Corporation of India (NPCI) in 2012, RuPay surpassed Visa and Mastercard combined in 2017, in terms of the number of debit cards in circulation.
Ravi Sharma, Senior Payments Analyst at GlobalData, comments: “The rapid upsurge in RuPay cards was primarily driven by the government’s financial inclusion program, Pradhan Mantri Jan-Dhan Yojana (PMJDY), launched in August 2014. As part of this program, low-cost bank accounts are offered along with RuPay debit cards.”
According to GlobalData, the total transaction value of debit cards in circulation in India is expected to increase from INR43.9 trillion in 2019 to INR70.6 trillion in 2023.
This little company is gaining more and more of my attention
