NPCI ramps up RuPay credit card push: Banks offered financial incentives; move to take on rivals Visa, Mastercard

National Payments Corporation of India is incentivizing banks to push RuPay credit cards. This move challenges the dominance of Visa and Mastercard. Banks now receive a portion of transaction fees as incentive. RuPay adoption surged after UPI linking in 2022. RuPay’s market share is growing, driven by partnerships with major brands.