New Delhi: Minister of State for Finance Pankaj Chaudhary informed the Rajya Sabha that the transactions conducted through the Unified Payments Interface (UPI) on RuPay credit cards have risen significantly.
The government stated that the UPI transactions have nearly doubled in the first seven months of the 2024-25 financial year compared to 2023-24. According to the information provided by
Chaudhary, UPI transactions amounting to Rs 638 billion was done via RuPay credit cards from April to October 2024, which points to 91 per cent increase. The UPI transactions on Rupay credit cards was Rs 334 billion in the previous financial year.
The Minister of State (MoS) said with an aim to promote financial inclusion in tier-II, RuPay Credit Card was linked with UPI to enable customers to opt for additional avenues for making UPI payments.
Meanwhile, the Reserve Bank of India (RBI) on December 4 increased the UPI Lite wallet limit to Rs 5,000 and per-transaction limit to Rs 1,000. “…the enhanced limits for UPI Lite shall be Rs 1,000 per transaction, with Rs 5,000 being the total limit at any point in time,” said a Reserve Bank circular.
RuPay Credit Cards and UPI
RuPay Credit Cards were placed on UPI to provide a seamless, digitally enabled credit card lifecycle experience for the customers. Both customers and merchants benefit as they become a part of the credit ecosystem with acceptance of credit cards using asset lite QR codes. RuPay Credit cards can be linked to a UPI ID, thus directly enabling safe, and secure payment transactions.
UPI is aimed at making financial transactions fast, secure. Other than this, the government believes that UPI payment empowers individuals, small businesses, and merchants, which helps drive the country’s shift toward a cashless economy. The Ministry of Finance released a statement stating that UPI processed an impressive Rs 23.49 lakh crores across 16.58 billion financial transactions in October 2024, as against 11.40 billion transactions in October 2023.
UPI transactions using RuPay credit cards surged 91 per cent to Rs 638 billion in the first seven months of FY25, compared to Rs 334 billion in FY24. This growth reflects the government’s push for financial inclusion via UPI integration with RuPay credit cards, offering customers additional payment options. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
