SBI Card: SBI Card of State Bank of India, the country’s largest government bank, is currently going to do such work in the field of credit cards, which can prove to be a game changer for the entire card industry. SBI Card, the second largest card issuer in the country, will soon integrate its RuPay credit cards with UPI (Unified Payment Interface). This step can be huge because SBI Card is the largest institution issuing Rupay credit cards in the country. More than 11 percent of its portfolio comes from RuPay cards.
Ram Mohan Rao Amara, MD & CEO, SBI Card, spoke exclusively to ToI
Speaking exclusively to The Times of India on the occasion of the 25th anniversary of the launch of SBI Card, SBI Card MD and CEO Ram Mohan Rao Amara said that the integration of the bank’s RuPay card and UPI (Unified Payment Interface) would be completed soon. Will be done. He also mentioned that SBI Card is the largest RuPay card issuer in the country and it also includes co-branded cards with IRCTC and BPCL.
Integrated card payment will prove to be more profitable
Ram Mohan Rao Amara said that he is hopeful that larger credit card transactions on UPI will prove to be more profitable than losses incurred by UPI transactions of small amounts. The National Payments Corporation of India has said that at this time the rebate on merchant fee will be available only on those transactions which are less than Rs 2000.
Changes will be seen in the card payment trend due to UPI
Amara also said that as far as merchant transactions are concerned, people use UPI transactions for small amount payments and credit cards for large amount transactions. When credit cards will be linked with UPI, a change in this trend can be seen and people will be motivated to make large payments through UPI.
Excellent growth of SBI Card
The MD and CEO of SBI Card also said that the company’s growth has been more impressive than its overall industry. The card industry has issued 8.5 crore new cards at a growth rate of 18 per cent, while SBI Card alone has issued 1.17 crore new cards with a CAGR growth of 22 per cent. Similarly, in terms of expenses, SBI Card has been the leader in its industry and has shown a growth rate of 28 percent as against 26 percent growth of the card industry.
SBI Card has taken care of everyone – Ram Mohan Rao Amara
Ram Mohan Rao Amara also informed that compared to the company, other counterparts are giving facilities to high value customers, but SBI Card has also issued low amount cards and Rupay cards keeping everyone in mind. Along with corporate cards, SBI Card has not given priority to low value cards, while its counterparts have preferred high corporate cards.