National Payments Corporation of India or NPCI ties up with JCB for global RuPay card. Banks including State Bank of India, Punjab National Bank, Axis Bank, Union Bank of India, Central Bank of India, Andhra Bank, City Union Bank, and TJSB Bank will issue these cards, which will be accepted in India at all POS terminals and ATMs that accept JCB cards.
NPCI had earlier tied up with Discover about for international cards. “We have had good issuance with Discover. JCB is also a strong partner, and we hope this partnership will help further expand the usage of global RuPay card,” said Praveena Rai, Chief Operating Officer, NPCI. While debit cards are only being issued initially through the partnership, credit and prepaid cards are also on the anvil, she told BusinessLine, adding that there is a need to change the perception that RuPay cards are not accepted globally.
Kimihisa Imada, President and COO, JCB International, said India has a huge population, of which, a large number of people travel abroad. “JCB started its card business in 1961 and it went global in 1981. We didn’t want to work with Mastercard and Visa and respect India’s similar idea,” he said, adding that the rates for the JCB product is less expensive.
JCB said it will not be affected by the Budget proposal for zero MDR, as it will be only for international usage, and will also be in sync with the RBI norms for data localisation. However, Rai noted that the industry has certain issues with the proposal for scrapping MDR which is being discussed.
“It has been announced and we are waiting to hear more in terms of execution and how it will get passed. The industry has certain concerns and these are being discussed in certain forums. When a change of this magnitude enters an industry, it will change the landscape,” she said.
It is an organization for operating retail payments and settlement systems in India. It was set up with the guidance and support of the Reserve Bank of India (RBI) and Indian Banks Association (IBA).