look news india
Mumbai: The integration of RuPay credit cards with the Unified Payment Interface (UPI) has seen a huge increase in the usage of RuPay credit cards. Transactions worth Rs 14,000 crore per month were made through RuPay credit cards in the year 2024, while the total value of transactions through all types of credit cards was Rs 1.80 lakh crore, of which the share of RuPay cards is 7.50 percent.
An analysis found that consumers using UPI-linked credit cards make an average of 40 transactions per month, eight times more than traditional credit cards.
The share of RuPay cards in the total number of card transactions was 12 percent in 2024, up from three percent in 2023.
RuPay is a domestic card network that competes against global players like Visa and MasterCard. According to RBI rules, only RuPay credit cards can be linked to UPI. At present there are about 10.50 crore credit cards in the country. According to the report, the share of rupee in newly issued credit cards has increased to 25 percent. Spending through credit cards is increasing by an average of five percent per month.