UPI QR Codes Record 91.5 Per Cent Surge To 657.9 Million, Credit Card Growth Slows

Mumbai: UPI QR codes have recorded the quickest enlargement in virtual bills infrastructure within the monetary 12 months 2024-25, with a 91.5 in line with cent leap over the former monetary 12 months to 657.9 million, consistent with the newest RBI information. 

The surge in UPI QR codes was once accompanied by way of a slowdown within the enlargement fee of bank card transactions to 7.94 in line with cent year-on-year, whilst debit card additions registered an insignificant 2.7 in line with cent enlargement to 991 million.

The enlargement within the collection of UPI QR codes has been accelerating with the expanding deployment by way of platforms like Google Pay, Paytm, and PhonePe. The collection of banks going continue to exist UPI continues to extend, and the whole touched 668 in April, which is anticipated to extend the price of such transactions, consistent with financial institution officers.

March noticed a report Rs 24.77 lakh crore in UPI transactions, marking a 25 in line with cent building up in worth and a 36 in line with cent building up in quantity in comparison to the former 12 months. UPI has turn out to be the dominant means for virtual transactions in India. Nearly 4 out of 5 virtual bills within the nation had been performed at the Unified Payments Interface (UPI) within the monetary 12 months 2024 (FY24), consistent with the Reserve Bank of India’s annual record.

UPI’s percentage, in comparison to the cumulative quantity of virtual bills within the nation, has grown frequently from 73.4 in line with cent in FY23 to 79.7 in line with cent in FY24. In FY20, UPI’s percentage as in comparison to the amount of overall virtual bills in India was once pegged at 36.8 in line with cent.

The RBI is actively selling virtual bills via quite a lot of tasks, together with the “Har Payment Digital” marketing campaign, which objectives to make each consumer in India acutely aware of virtual bills. RBI additionally permits flexibility in revising transaction limits for UPI in-person service provider bills, permitting NPCI to regulate limits in response to person wishes, with safeguards in position which has made the mode of fee extra handy.