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38% of debit cards issued in India are on RuPay card network: report

Thirty eight percent of all debit cards issued in India are on the RuPay card network, according to a report by JM Financial Services (download pdf). The report added that 645 million debit cards are in circulation in India as of January 2016 and RuPay's share among them was 247 million cards. RuPay was able to increase its share exponentially among other card networks (Visa and MasterCard) due to the Jan Dhan Yojana, the financial inclusion programme launched by the Prime Minister Narendra Modi in 2014. JM Financial also added that RuPay cards have managed to get a 18% share in terms of volume of debit card transactions. Although, the transactions occurred primarily at ATMs (20.4%), followed by POS terminals (4.1%) and online transactions (1.6%). More notes from the report - Split between Jan Dhan accounts and regular accounts: The number of RuPay cards under the Jan Dhan Yojana stood at 169 million and regular account cards stood at 55 million. - Average ticket size: The average ticket size of transactions of RuPay cards at ATMs and POS terminals is comparable to the ticket sizes of all debit cards issued. At ATMs, the transaction size was Rs 3,045 while at POS terminals, the ticket size was Rs 1,700. - Charges on transactions by RuPay: The report added that RuPay's network charges a flat fee of 90 paisa per transaction on POS terminals (60 paisa from the issuing bank, and 30 paisa from the acquiring bank). Visa and MasterCard charge a variable fee  in proportion to the transaction…

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