UPI transactions on RuPay credit cards double in 7 months of FY25

India has seen a two-fold rise in UPI transactions on RuPay credit cards during the current financial year 2024-25 till October 2024. The UPI transactions on RuPay credit cards surged to 75 crore in volume terms, while they surged to ₹63,825.80 crore in value terms as of October 31, 2024.

A year before, UPI transactions via RuPay credit cards stood at 36.2 crore, amounting to ₹33,439.24 crore in FY24. In FY23, the number stood at 8.68 lakh, which amounted to ₹134.67 crore in value, according to the Finance Ministry data. In value terms, Maharashtra led with UPI transactions worth ₹692 crore, Tamil Nadu at ₹692 crore and followed by Telangana at ₹506 crore.

Minister of State in the Ministry of Finance, Pankaj Chaudhary, says to promote financial inclusion in tier-II and below regions, various initiatives have been taken, which include the introduction of RuPay Credit Card linked with UPI, which provides additional avenues of credit facility to the users making UPI payments.

Besides, he said the National Payments Corporation of India (NPCI) has made the Merchant Discount Rates (MDR) and interchange fee on RuPay credit card-linked UPI transactions to zero for transactions up to ₹2,000 for small merchants irrespective of the regions.

On the pilot project being implemented by co-operative banks for the distribution of RuPay Kisan Credit Cards (KCCs) to the members of primary co-operative societies, MoS Chaudhary says one of the activities taken up during the pilot project was to issue Rupay Kisan Credit Cards (KCCs) to the members of PDCs by DCCB. Under the pilot project, over 20,000 new RuPay KCCs were issued by district central cooperative banks.

Notably, UPI has revolutionised the nation’s payment ecosystem by integrating multiple bank accounts into a single mobile application. UPI processed an impressive ₹23.49 lakh crore across 16.58 billion financial transactions in October 2024, marking a 45% year-on-year growth from 11.40 billion transactions in October 2023.

India’s digital payments revolution is gaining international momentum, with both UPI and RuPay expanding rapidly across borders. Currently, UPI is operational in seven countries, including key markets like the UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, and Mauritius.

According to the ACI Worldwide Report 2024, India now accounts for around 49% of global real-time payment transactions as of 2023. With UPI’s growing international presence and the continued rise of digital transactions, India is setting new global benchmarks for financial inclusion and economic empowerment.