India's Payment Powerhouse: RuPay Takes Center Stage with 16% Market Share!

In a notable turn of events for India's digital payments industry, RuPay now holds 16% of all credit card transactions in the nation. National Payments Corporation of India (NPCI) MD and CEO Dilip Asbe announced this feat at the Mumbai Tech Week. Almost half of these transactions are conducted through credit on the Unified Payments Interface (UPI). More than 30 banks are now issuing RuPay credit cards, and more than 750 million transactions via RuPay credit cards on UPI have been made in the current financial year up to October 2024, amounting to INR 63,825.8 crore. The reason behind this growth is mainly due to the interoperability of UPI with RuPay credit cards, which was permitted by the RBI in June 2022.

 

Source: Economic Times, March 1, 2025