UPI vs Credit score vs Debit card Fee information in india rbi

UPI vs Credit score vs Debit card Fee information in india rbi


UPI vs Credit score vs Debit card Fee: According to the monthly data of Reserve Bank of India (RBI), there has been a decline in debit card based transactions amid the increase in UPI based digital payments. According to the data, debit card transactions declined from about Rs 43,350 crore in August this year to about Rs 39,920 crore in September. On the other hand, credit card transactions have increased in the country. Credit card transactions increased by nearly 5 percent to Rs 1.76 lakh crore in September this year from Rs 1.68 lakh crore in August.

According to market experts, the increase in credit card spending is due to the festive season. During the festive season, companies came out with EMI schemes and promotional offers, due to which people chose the mode of payment through credit cards.

No cash, now people are paying online

According to the latest paper by Pradeep Bhuyan, economist of the Currency Management Department of the Reserve Bank, digital transactions in India have increased in such a way that the use of cash is decreasing rapidly. The share of digital payments to double from 14-19 per cent in March 2021 to 40-48 per cent in March 2024, with UPI playing a key role.

According to the RBI paper, recent years have seen impressive growth in retail digital payments (RDP), which is the total digital payments excluding real-time gross settlements.

Launched in 2016, UPI has accounted for the highest share in retail digital payments (RDP) volumes in the last five years.

The volume of UPI based transactions increased by 52 percent to 78.97 billion in the first half of this year, compared to 51.9 billion in the same period last year. Similarly, the value of transactions also increased by 40 percent from Rs 83.16 lakh crore to Rs 116.63 lakh crore in the first six months of this year.

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