UPI Sees Record Credit Card Spending, Hits ₹10,000 Crore Monthly
Mumbai: The Unified Payments Interface (UPI), a cornerstone of India’s Digital Public Infrastructure (DPI) and now a global phenomenon, has achieved a new milestone. According to Dilip Asbe, Managing Director and CEO of the National Payments Corporation of India (NPCI), credit card spending via UPI has reached ₹10,000 crore per month.
Asbe revealed that the credit lines on UPI accounts have climbed to approximately ₹100-₹200 crore, with the remaining credit coming from the RuPay credit card on UPI facility. ICICI Bank leads the charge in offering credit via UPI, joined by several other lenders including Axis Bank, HDFC Bank, Indian Bank, Punjab National Bank (PNB), and State Bank of India (SBI).
Launched last year, the “credit line on UPI” initiative provides low-ticket, high-volume retail loans to individuals and businesses. Digital platforms such as BHIM, Google Pay, Paytm, PayZapp, Navi, and Tata Neu support this facility, while RuPay Credit Cards on UPI deliver a seamless, digitally-enabled credit card lifecycle experience. Currently, 16 banks facilitate this product.
In July, UPI transactions surged to ₹20.64 lakh crore, up from ₹20.07 lakh crore the previous month, marking a 35% year-on-year increase. The number of UPI transactions rose nearly 4% month-on-month, reaching 14.44 billion from 13.89 billion. The average daily transaction volume in July was 466 million, with an average daily transaction amount of ₹66,590 crore.
UPI continues to grow rapidly, adding 60 lakh new users each month, bolstered by the introduction of RuPay credit cards and its expansion into international markets.
