25% of new credit card issues happen on RuPay network: NPCI Rai

About 25 percent of all new credit card issuances happen on the RuPay network, according to Praveena Rai, COO, NPCI (National Payments Corporation of India).

“Applicable cards are growing rapidly, driven by the range of innovative products. Volume growth is doubling; it is more than doubling,” Ray said on the sidelines of the launch of the SBI Paytm credit card on the RuPay network.

Although 52 percent of customers on the UPI network are active on credit, only 3-10 percent use credit cards. NPCI stated that among UPI users over Rs 30 crore, 2.5 – 3.0 crore are credit card holders.

Huge opportunity

This provides NPCI with a great opportunity to grow its credit card portfolio and market share now that the RuPay network is integrated with UPI, Ray said, adding, “There are a number of programs already launched on RuPay and there are many more in the pipeline,” including That’s more linkages for co-branded cards.

NPCI’s RuPay has a 35 percent market share in the debit card market by volume, 30 percent by card spend value, and 69 percent by applicable cards. The trend towards credit cards started about 3-4 years ago with a focus on technology and innovation, local market demands, product differentiation, and building brand value.

Ray said at the event.

The credit card wallet has seen a boom since linking the RuPay network to UPI, she said, adding that this card will “emerge as a primary credit solution” because it offers the convenience of accepting credit cards across all UPI points with the card and benefits such as rewards and cashback.

“What NPCI has done so well with UPI and QR is incredible. Riding the RuPay credit card is a game-changer here,” said Nalin Bansal, Head of Corporate Relations, Financial Relations and Principal Initiatives at NPCI.

The SBI Paytm Card, which was originally launched in November 2020, will be issued instantly and will not require tokenization at merchant touchpoints as the UPI ID will become a physical token.

Under the launch of RuPay, it will offer benefits up to $75,000 with free Paytm First and OTT platform membership, discounts on airline tickets, rewards, savings, and cashback.