New Delhi . According to data released by the Finance Ministry, transactions through UPI on Rupee credit cards have almost doubled in the first 7 months of FY 2025 compared to the same period of FY 2024.
According to government data, more than 750 million such transactions amounting to Rs 63,825.8 crore took place from AprilOctober this year. Whereas in FY 2024, UPI Rupee credit card transactions were recorded at 362.8 million, with a cumulative value of Rs 33,439.24 crore. In the first seven months of FY 2025, there have been more than double the transactions compared to the same period last year. At the same time, it is believed that this figure is going to increase significantly for the financial year 2025.
The facility of UPI transactions on Rupee Credit Card was started by the government in September 2022. Users using Rupee credit card can do their transactions through the card with the help of UPI app.
Pankaj Chaudhary, Minister of State in the Ministry of Finance, in response to a question asked in the Upper House of Parliament, said, “Several initiatives have been taken from time to time to promote financial inclusion in Tier2 and below areas. Such One such initiative is the launch of UPI linked RuPay Credit Card, which provides additional credit facilities to UPI payment users.”
Merchant Discount Rate (MDR) and interchange charges will be zero on UPI linked RuPay credit cards for transactions up to Rs 2,000 for small merchants. Merchant discount rate is charged by payment processing companies to merchants for processing a particular credit or debit. Zero MDR policy is followed on UPI transactions linked to users' savings accounts.
Moreover, with the increasing use of UPI, it is believed that the number of UPI transactions will reach 25 billion per month in FY 2025. After reaching a record high of 16.58 billion transactions and a value of Rs 23.50 lakh crore in October 2024, the number of UPI transactions in November stood at 15.48 billion, up 38 per cent yearonyear, with the value growing 24 per cent yearonyear. With Rs 21.55 lakh crore.
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Image Credit: KhasKhabar.