RuPay card usage jumps 118% in 1st week of demonetisation

rahul1117kumar

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RuPay card usage jumped by over 118.6 per cent in the week following demonetisation that took effect from November 8 mid-night while the overall debit and credit card transactions recorded an increase of 70.5 per cent.

According to RBI data, the usage of RuPay card at POS terminals soared by as much as 200.6 per cent to 46.6 lakh transactions during November 9-15. This compares with 15.5 lakh swipes during November 1-8.

The government demonetised the old high value banknotes from the midnight of November 8 and also imposed restrictions on cash withdrawals from banks as well as ATMs, prompting people to move to go digital.

RBI said a total of 65.6 lakh transactions were recorded through RuPay cards during November 9-15. This includes 19 lakh spendings through e-commerce platforms.

Further, 1.58 crore Mastercard debit cards were used during the period, up 76.84 per cent over November 1-8.

Mastercard credit card transactions went up by about 24 per cent to 57.31 lakh.

In the case of Visa, the increase in debit and pre-paid transactions stood at 93 per cent while for the credit card segment, it was 42 per cent during November 1 and 8.

Taking all Rupay, Mastercard and Visa together, the total transactions were up at 3,39,60,329 during November 9-15, from 1,99,19,176 on November 1-8, an increase of 70.49 per cent.

RuPay payment gateway has been developed by India while Mastercard and Visa are foreign companies.

RuPay card usage jumps 118 in 1st week of demonetisation
 
CarthikNaga said:
But if you travel outside India. Rupay wont do the job as it is not accepted widely.

It will work bcoz
http://m.timesofindia.com/business/india-business/Desi-card-RuPay-gets-global-access/articleshow/19408913.cms

 
Sarkar said:

Yeah bro I know this. But When I traveled to Singapore months back it was not accepted other than few SBI atm and in countries like China its mostly VISA/Mater or wechat payment. But for using in India I would say its the best way to go. People will be happy if NPCI includes tap and pay and other options. I have account in Dena bank so for me its a pain. I still have Rupay and Visa from the same account.
 
Wechat has a payment gateway? [emoji54]

I thought it's just like whatapp

 
Sarkar said:
Wechat has a payment gateway? [emoji54]

I thought it's just like whatapp

Yeah they have for China. Wechat is based in China and its widely for payment and messaging. When I heard about paytm first it was like a copy of wechat payment.
 
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