Rupay Credit Card: The digital age in the country has grown to such an extent that people are less likely to turn to banks or ATMs for payments. This is due to the prevalence of digital payments. This has led to Rupay credit cards becoming a popular choice. This is entirely due to UPI. Credit card transactions through UPI have seen a significant increase. According to reports, credit card transactions through UPI now account for nearly 40 percent of total transactions.
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Increase in both value and volume
By the end of fiscal year 2024, the Rupay credit card market share will have increased from 10 percent to nearly 40 percent by volume. Its value share has increased from 2 percent to 8 percent. The RBI specifically permitted Rupay cards to be linked to UPI at the end of 2022. Since then, its usage has been steadily increasing.
Benefits for both large and small merchants
According to the report, high merchant acceptance and a low MDR structure for small merchants have led to its adoption. Small retailers are also adopting RuPay credit cards. This is because the MDR is minimal or negligible for transactions up to ₹2,000. This has made RuPay cards very popular among both small businesses and ordinary consumers.
UPI Revolutionizing Digital Payments
UPI and RuPay credit cards have together revolutionized digital payments. According to the report, linking RuPay credit cards with UPI has provided users with a much easier payment method. People can easily make transactions by scanning QR codes. This has also made billing and rewards easier.
Transactions Increased
As credit cards become more accessible to small businesses through UPI, transaction volumes are also increasing. Platforms like SBI Cards and Paytm are taking full advantage of this change.