Mumbai: With UPI payments gaining popularity, debit card transactions in India fell by 8% from Rs 43,350 crore in August to around Rs 39,920 crore in September, as reported by the RBI.
Conversely, credit card usage rose by nearly 5%, with transactions totaling Rs 1.76 lakh crore in September, up from Rs 1.68 lakh crore in August. Experts attribute this increase to promotional schemes and festival spending. The rising adoption of UPI, paired with a high demand for credit, indicates a shifting preference toward digital and credit-based payments across the nation.