Digital Payments
UPI transactions on RuPay credit cards in Apr-Oct nearly double from FY24
This story was originally published at 17:08 IST on 3 December 2024
Register to read our real-time news.Informist, Tuesday, Dec. 3, 2024
NEW DELHI – Transactions done through the Unified Payments Interface on RuPay credit cards continue to increase sharply, with data from the government showing that they nearly doubled in the first seven months of 2024-25 (Apr-Mar) from what was done in the entire last financial year.
According to data shared by Minister of State for Finance Pankaj Chaudhary in the Rajya Sabha on Tuesday in response to a question, INR 638 billion worth of UPI transactions had been completed on RuPay credit cards in Apr-Oct, up 91% from the INR 334 billion done in all of FY24. In volume terms, the number of these transactions in Apr-Oct amounted to 750 million, up 106% from the 363 million transactions, done in FY24.
Announced in June 2022 by Reserve Bank of India Governor Shaktikanta Das, the decision to allow linking of credit cards on UPI came into effect in September 2022 starting with RuPay credit cards. "This will provide additional convenience to users and enhance the scope of digital payments," Das had said in June 2022. Other credit cards, such as those of Visa and Mastercard, are still not permitted to be linked with UPI. End
Reported by Siddharth Upasani
Edited by Akul Nishant Akhoury
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