RuPay will launch its own credit cards next year

India's very own payment system RuPay will launch Credit cards from next year.

"Issuance of the card is expected to give Visa and MasterCard a tough competition, since the debit card issued by RuPay by banks in India has revealed that there is a huge potential for cards penetration and transaction," NCPI Chairman M Balachandran told reporters today.

Almost 13% of ATM , Point of Sale and Ecommerce transactions are through RuPay cards he said. The number of transactions is growing at a generous 1-2% month on month he added.

Balachandran says NPCI targets to reach every Indian by 2020. AS of now, more than 160 million people use RuPay.

(Image credit: Indiatimes)