The National Payments Corporation of India has forayed into the credit card business and would make the commercial launch of its RuPay credit card "in a month's time," a top official said.
"Maybe in a month's time we will be able to make the commercial launch (of RuPay credit card)," NPCI Chairman M Balachandran told reporters.
NPCI, which currently offers RuPay debit cards, has partnered with 10 banks including public sector and cooperative banks, to make the pilot launch of the "RuPay Credit Card," Balachandran said. NPCI had launched its debit card RuPay in April 2012.
"We are all set for launching the credit card version of RuPay card. We have been undertaking more than 300 different workshops as part of the launch campaign," he said.
Giving some statistics, he said compared to 775 million debit cards operating in the domestic market; there were 25 million credit cards.
The RuPay credit card would be offered in four variants including a high-end card that would offer insurance for up to Rs. 10 lakh, he said.
On future launches planned by the Corporation, he said NPCI would launch "tap and go" card that would be used to travel in Kochi Metro project scheduled to be inaugurated by Prime Minister Narendra Modi on June 17.
"We will simultaneously be launching a similar card for the BMTC (Bengaluru Metropolitan Transport Corporation) in Bengaluru on that day itself," he said.