RuPay: Will it Disrupt the Domination of Visa and Mastercard in the Mainstream Digital Payments Ecosystem?
| Case Code: ECON099 Case Length: 11 Pages Period: 2012-2021 Pub Date: 2022 Teaching Note: Available |
Price: Rs.300 Organization : National Payments Corporation of India (NPCI) Industry : Financial Services Countries : India Themes: Government & Economy, Banks and Banking,Digital Strategy,Government Policies |
Abstract Case Intro 1 Case Intro 2 Excerpts
Payments Market in India
The card payment system came into being in the 1960s in 1ndia when Kali Homi Mody introduced the Diners Card in 1961 after he took on the Diners Club franchise in India in 1960. At that time, people who lived or travelled overseas were the only ones who opted for the Diners Card offerings in India and it took Diners Card about 15 years to reach 8,000 registered users in India. In 1980, the Central Bank of India (one of the oldest and largest nationalized commercial banks in India) came up with the first bank credit card followed by Andhra Bank the same year – both were of the Visa brand. Thereafter, MasterCard was introduced to Indian consumers by Vijaya Bank in 1988. Customers were allowed to withdraw cash from their branches using the card. The eligibility for getting a credit card was based entirely upon the income of the consumers..
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