Synopsis
With the NPCI looking at a 2% MDR for payments using UPI-linked RuPay credit cards, gaining merchant acceptance seems to be a tough task. Going by the NPCI’s past tryst with credit on UPI, the organisation needs a new strategy rather than rely on the popularity of its own instant real-time mobile-payments system.
In June this year, the Reserve Bank of India (RBI) allowed credit cards to be linked to the Unified Payments Interface (UPI), starting with the domestic card network, RuPay. At the time, some industry experts had pointed out that its success would largely depend on the magnitude of fees levied by the issuing banks from merchants. Late last month, Dilip Asbe, the managing director and CEO of the National Payments Corporation of India (NPCI), the
Uh-oh! This is an exclusive story available for selected readers only.
Worry not. You’re just a step away.
