BC Card announced on August 23 that it has signed a memorandum of understanding (MOU) for strategic network partnership with India’s National Payments Corporation of India (NPCI). Founded by the country's central bank, the Reserve Bank of India, in 2008, the NPCI processes domestic automated teller machine (ATM) transactions and provides card services.
NPCI’s domestic card brand “RuPay” issued 350 million cards in 823 banks in India and the NPCI has secured 2.5 million units of POS and 230,000 units of ATMs.
With the latest MOU, BC Card customers can now make payments with their cards for domestic use in India and NPCI customers can use their cards in South Korea as well.
In addition, the two companies will jointly release the BC Card-NPCI Card, expanding collaboration with the NPCI by developing new business models.
A BC Card spokesperson said, “India’s economic growth rate is higher than 7 percent but the nation’s card penetration rate is lower than 30 percent. In short, its card payment market has a huge growth potential. The latest MOU with the NPCI is very encouraging to push into the Indian market.”