Credit card UPI raises RuPay volume market share to 38%

and that there are more acceptance points for UPI than those that accept credit cards, it gives RuPay cards a clear advantage over other card networks.

- 

In June 2022, RBI allowed RuPay credit cards on UPI.

(ISTOCKPHOTO)

India had over 112 million credit cards at end-August, per data from the Reserve Bank of India (RBI), growing 6.5% from the same period last year.

Yadav of RBL Bank said that with the UPI feature activated, customers spend about 20% more than regular credit cards. RBL Bank, he said, is trying to issue multiple cards to customers including RuPay credit card and virtual cards. The bank, where Dubai-based Emirates NBD Bank recently decided to buy a 60% stake, had 4.5 million credit cards with an average spend of ₹15,628 at end-August. Like its peers, RBL Bank does not disclose how many of these cards are on Rupay and other networks.