ESAF Small Finance Bank Launches Inori RuPay Platinum Credit Card

ESAF Small Finance Bank, in collaboration with the National Payments Corporation of India (NPCI), has introduced the Inori RuPay Platinum Credit Card. This premium financial product offers cardholders exclusive benefits and privileges.

RuPay’s Rising Dominance in Debit Card Issuance

RuPay is set to become a leading player in debit card issuance, particularly with the advent of small finance banks. As of March 30, 178 million RuPay debit cards have been issued under the Jan Dhan Yojana, out of 662 million total debit cards in the market. The National Payment Corporation of India (NPCI) has been actively engaging with small finance banks to promote RuPay cards due to their cost-effectiveness and faster launch timelines.

Growth of RuPay Transactions

 RuPay card usage at points of sale has seen significant growth, with transactions rising from 5.25 million (worth Rs 1,100 crore) in 2014-15 to 18.62 million (worth Rs 2,688 crore) in April-July 2016. Despite this growth, RuPay’s point-of-sale debit card transactions in 2015-16 were Rs 4,474 crore, a smaller share compared to the overall Rs 158,927 crore debit card transactions in India.

Advantages of RuPay Cards

 RuPay debit cards offer several advantages, including data storage on Indian servers and cost-effectiveness for banks. The card is accepted at all ATMs in India, and its certification fee is significantly lower than other service providers. Additionally, small finance banks like Capital Small Finance Bank and Bandhan Bank have actively adopted RuPay, issuing millions of RuPay debit cards.