Sunday, April 10, 2016

MasterCard CEO Ajay Banga calls for equal treatment with RuPay domestic card



MasterCard CEO Ajay Banga has called for equal treatment with the RuPay domestic card, particularly with regard to the government's flagship financial inclusion scheme on criteria such as security and cost advantages. "All I want is a level playing field," he said in an interview when asked about RuPay being used for the Pradhan Mantri Jan Dhan Yojana. "What I (MasterCard) can do is offer you global standards of safety and security. I don't believe any local instrument or scheme can..."
"I can bring all the expertise, manpower. You happen to have a CEO, an Indian by birth," Banga said. He said global investment sentiment on India had turned positive after the Narendra Modi government took over in 2014. "People today are talking India being a real opportunity," he said.
Much of this is because the government has sought to actively create an investor-friendly environment that eschews an aggressive tax policy, but the speed of reform needs to increase. "Retroactive taxation has single-handedly created the most angst in people's minds. So the biggest challenge is predictability and consistency of public policy," he said. "But now, while policy is clearer and more predictable, and frankly more transparent, the actual pace of implementation is choppy. The one thing we are keen on is increasing the pace of this implementation over four-five years."
What's needed is further clarity on taxes and intellectual property, besides market access. "India doesn't allow overseas law firms. It's all these ancillary services that enable an environment where investors feel comfortable to come in," he said. MasterCard has invested.`1,600 crore in India since Modi took over, he said.

RuPay, Indian payment company working on ‘contact-less’ debit card

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Domestic payment gateway RuPay, whose debit cards make up more than a third of the total number of debit cards in the country, is now working on a "contact-less" debit card...

Domestic payment gateway RuPay, whose debit cards make up more than a third of the total number of debit cards in the country, is now working on a “contact-less” debit card and is looking to launch it within three months, chief operating officer Dilip Asbe told FE.
“Contact-less” debit card will not be required to be dipped or inserted into a machine, and can instead be scanned by the machine without any physical contact whatsoever, unlike the debit and credit cards in play currently.
“We are very excited about this. Of course, we will have to issue fresh certifications to banks to enable them to start issuing these. But so far, we have received extremely positive feedback,” Asbe said.
Started by the National Payments Corporation of India (NPCI) in 2012, the number of RuPay cards is around 250 million, of the total of 644 million debit cards currently in use in India. This is primarily because of the Pradhan Mantri Jan Dhan Yojana, under which around 170 million RuPay cards were distributed.
NPCI has also issued around 2 million RuPay platinum cards so far. Unlike other gateways, all variants of the RuPay platinum card offer a waiver on fuel surcharge, IRCTC surcharge and free access to lounges across a wide network of airports around the globe. The product has been growing in popularity and will be one of the main focus points for the company going ahead, Asbe said.
The company is now looking forward to launching RuPay credit cards in September, and is aiming at gaining a share of around 10% of the domestic credit card market within the first three years.
As on December 31, the total number of credit cards in India stood at over 22.7 million, issued by 29 banks.