Scan QR code to pay with RuPay credit cards soon

Mumbai: National Payments Corporation of India (NPCI) is in talks with banks to facilitate RuPay credit card transactions on the QR code acceptance network. Small merchants may be exempted from the card acceptance fees, which can go up to 2%, that bank deduct from credit card payments to larger shops.

NPCI MD & CEO Dilip Asbe said that the corporation is targeting a billion daily transactions across digital platforms. “We are looking it from a combination of payments — card tokenisation for contactless payments, using the national common mobility card in a super-efficient way, widening the use of toll collection cards for parking, petrol pumps and other uses,” said Asbe at an event organised by Bank of Baroda.

Asbe said that there was sufficient room for UPI transactions to scale up. UPI transaction are currently below 600 crore a month and value of monthly transactions at over Rs 10 lakh crore. According to Asbe, the number of users can triple to 75 crore and acceptibg merchants to 10 crore.


Asbe said that the increase in the cash in circulation to GDP, currently at 14.5%, was partly because of higher cash holdings because of the pandemic and because of government crediting subsidies directly into bank accounts. He said that this has resulted in higher cash withdrawals from bank accounts. “For a country like India, ratio of currency in circulation to GDP should be in single digits,” he said.