National Payments Corporation of India (NPCI) is leveraging the Small Finance Banks (SFBs) and Payments banks to expand the network of homegrown debit card Rupay with the low-income group and individuals in the rural areas, says sources.
The Reserve Bank of India (RBI) has licensed SFBs and Payments banks to drive Financial Inclusion effectively.
RuPay plans to perform extensive incentive-based promotions to boost the usage of cards, at both point-of-sale terminals and e-commerce portals.
“NPCI is extensively promoting digital payments and has told us that it will be coming up with more such incentive-based initiatives at big organisations with consumer relevance,” said Vijay Balakrishnan, marketing head at Ujjivan Small Finance.
Earlier, RuPay gave discounts to the users on transactions made with its cards at retail chain Big Bazaar. It is now planning to further incentivise planning through value chain stores or local ticket booking portals, targeting the audience.