SBI card will soon issue Rupay credit cards: CEO Prasad
NEW DELHI: SBI Card will soon launch RuPay credit cards, a development that will boost the local payment network in the fast-growing segment.
Currently, the credit card segment is dominated by payment gateways based in the US. UU. Like Visa and MasterCard .
RuPay is India's first domestic debit and credit card payment network developed by the National Payments Corporation of India (NPCI), an umbrella organization to operate retail payment and settlement systems.
Soon (we will release the credit card based on RuPay). There is one last agreement left at the end of the NPCI level. I think NPCI will ship it any day and we will launch some products, SBI Card said. MD and CEO Hardayal Prasad said in an interview with PTI.
Prasad expressed confidence that the RuPay credit card will be launched only in this fiscal year, and said: It's only a matter of time. Rupay will become very popular and will be used aggressively in India. I have no doubts about it.
He said there is a large nationalist segment that insists on RuPay cards. About a third of the cards issued by the largest lender in India State Bank of India They are RuPay cards, he said.
There is a class of customers who want the RuPay card. There are nationalist people who say 'Give us only Rupay cards' So I am very optimistic, he said.
The company may issue both RuPay as well as Visa/ MasterCard to its customers, specially who travel abroad, Prasad said.
As of now, RuPay cards are only accepted in some countries, including Singapore and Bhutan. Prime Minister Narendra Modi He recently launched the card in the UAE.
RuPay has also partnered with international players such as Discover, Japan Credit Bureau and China Union Pay to improve its international acceptance.
Prasad also said that SBI Card has launched its 'ILA' (Interactive Live Assistant) chatbot in its mobile application to further improve the consumer experience.
ILA has more than 40 innovative features that make the SBI card one of the first in the industry to offer a complete set of self-service features that increase customer convenience, he said.
Since its launch, the SBI Card chatbot has successfully resolved more than 14 million queries with more than 97 percent accuracy, he added.
SBI Card had 90 lakh customers at the end of July with a 17.9 percent market share.
According to Prasad, the company has been adding 3 lakh cards per month since December 2018.