RuPay credit card UPI to succeed if small transactions under 10%: Asbe

RuPay credit card on UPI feature is yet to see a high number of transactions as large issuers of credit cards have not onboarded the feature

Lenders will promote RuPay credit card on Unified Payments Interface (UPI) as long as the value of transactions derived from small merchants, who have been exempted to pay merchant discount rate (MDR), is not more than 10 per cent of the total value of RuPay credit card transactions, said Dilip Asbe, Managing Director & Chief Executive Officer (MD&CEO), National Payments Corporation of India (NPCI), on Wednesday.
 

NPCI, which oversees retail payments and settlements, last month launched the RuPay credit card on UPI feature and mandated there will be “NIL” MDR (no interchange, PSP, and app provider charges) on transactions up