Minister of State for Finance Pankaj Chaudhary informed the Rajya Sabha on Tuesday that UPI transactions on RuPay credit cards totaled ₹638 billion from April to October 2024, marking a 91% increase from ₹334 billion in the whole of fiscal 2024 (FY24). In terms of volume, the number of transactions in this period reached 750 million, up 106% from 363 million transactions in FY24.
The ability to link credit cards to UPI was announced in June 2022 by Reserve Bank of India Governor Shaktikanta Das, with the initiative taking effect in September 2022, initially with RuPay credit cards.
“To further deepen the reach and usage, it is proposed to allow linking of credit cards to UPI. To start with, RuPay credit cards will be enabled with this facility,” Das had said. The linkage of RuPay Credit Card on UPI will provide customers an increased opportunity to use their credit cards, and merchants will benefit from the increase in consumption by being part of the credit ecosystem with the acceptance of credit cards using assets like QR codes, according to the RBI Governor. Credit cards from other providers, such as Visa and Mastercard, are yet to be linked with UPI.
Across India, UPI transactions in November 2024 stood at 15.48 billion. This marked a 38% year-on-year growth, according to the National Payments Corporation of India (NPCI). The total transaction value was ₹21.55 lakh crore, a 24% increase compared to November 2023.
Daily transactions averaged 516 million, with a daily value of ₹71,840 crore. However, these figures were slightly lower than October’s record.
In October, UPI transactions peaked at 16.58 billion, worth ₹23.5 lakh crore. This remains the highest since UPI’s launch in April 2016.
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First Published: Dec 3, 2024 5:25 PM IST
