Though under Jan Dhan Scheme of opening Bank Accounts and providing cheap plastic cards to masses, crores of RuPay cards were distributed, it is still not the leading medium of transaction. Nearly 80% of such cards are linked with Jan Dhan Accounts which see low volume of transaction, almost negligible percentage. Remaining 20% of cards are with other account holders. Its primary usage has been limited to usage at Bank ATMs and few e-commerce sites. Although NPCI says that it is accepted by more than 10000 websites, it is rarely supported by essential sites other than e-commerce. The problem is that due to sharing of commission of by Visa and Master Cards, few essential service providers are not switching to it anytime soon.
Many of sites that don’t yet support it natively include several educational websites where students have to make online payments. Not even central bodies like ICAI or trade promotion councils have native support for it. Instead they were quick to link up wallet services like PayTM for surely incentives, technically brokerage commission for their services for which they are already supposed to be charging full amounts.
With renewed focus on cashless economy and promotion of Card payments, RuPay card payments are surely increasing but what remains to be seen is that its adoption for other than transaction at ATMs and POS to challenge the dominance of Master and Visa Cards in web. In current season of economic experiments undertaken by government to promote card transactions with incentives not limited to just discounts and lotteries, what is surely missing is that focus by government and NPCI to make wide acceptance of its featured RuPay Cards hold by 17 crores for usage as primary general purpose cards and not limited at ATMs and POS. After all, when discounts are used to promote card payments, it can certainly provide benefits to merchants and persuade essential service providers to integrate payments by RuPay Cards to integrate this huge no. of virgin card holders.