The National Payments Corporation of India (NPCI), which controls 35 per cent of the debit card market in terms of volumes, expects to launch its much-delayed credit before the year-end, a top official of the Reserve Bank-promoted institute has said.
“We have been ready with our credit card project for quite some time now, but could not launch it formally so far as we are waiting for the completion of moving onto the new switch from Euronet from FIS switch, which should be completed by end August now,” NPCI chief executive and managing director A P Hota told. He further said that had they launched the credit card earlier on the Euronet switching system, it would have been an inconvenience for customers as the corporation would anyways have had to align with the new FIS switch. “First they said it would have been ready by last December, which was pushed to June this year and now they are saying August-September. If they complete the process, then we can launch our maiden credit card by November-December,” Hota said, adding that already six-seven banks are ready to launch their credit card.