Informist, Wednesday, Jun 22, 2022
By T. Bijoy Idicheriah
MUMBAI - AU Small Finance Bank has started work with National Payments Corp of India to launch a RuPay credit card in the next two quarters, Mayank Markanday, the chief of credit card business, told Informist today.
"The RuPay credit card will add to our card acceptance network in the smaller towns and cities that AU Small Finance Bank functions in," Markanday said.
He said that while work was already on with NPCI's RuPay credit cards team, normally integration of payments and bank systems takes about two quarters.
AU Small Finance Bank currently offers credit cards on the Visa platform to its customers.
This is a significant move as the Reserve Bank of India recently announced that they will allow use of unified payments interface with credit cards. Initially, the linkage will be through RuPay credit cards.
Markanday said that once this linkage with Unified Payments Interface happens, credit cards will play the role of credit lines for customers, which is a major step.
At 1444 IST, shares of AU Small Finance Bank traded 2.1% lower at 599.05 rupees on the National Stock Exchange. End
Edited by Akul Nishant Akhoury
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