Users’ favorite credit card!
The increasing trend of digital payments in India has made RuPay Credit Card the most preferred card. Especially there has been a tremendous increase in credit card transactions through UPI. According to Bernstein data, credit card transactions through UPI now constitute about 40 percent of total transactions.
Increase in both volume and value
At the end of FY24, the market share of RuPay credit cards increased from 10 percent to almost 40 percent in terms of volume. In terms of value also its share has increased from 2 percent to 8 percent. RBI allowed RuPay cards exclusively to be linked to UPI in late 2022, and its usage has been growing steadily since then.
Both small and big traders benefit
According to the ET report, experts say that high merchant acceptance and low MDR structure for small merchants has accelerated its adoption. Small retailers are now easily accepting RuPay credit cards as the MDR on transactions up to Rs 2,000 is very low or negligible. Because of this, RuPay card has become popular among both small traders and common customers.
Revolution in digital payment
The combination of UPI and RuPay credit card has brought a new revolution in the world of digital payments. According to a PwC India report, by linking RuPay credit card with UPI, users get the benefit of both simplicity and credit flexibility. People can easily transact by scanning the QR and billing along with rewards has also become easier.
Huge increase in transaction volume
As UPI is expanding credit card acceptance to small merchants, transaction volumes are also continuously increasing. UPI-focused platforms like SBI Cards and Paytm are benefiting the most from this change. Trends like debit card transactions in the initial days are now being seen on credit cards also.