India’s Digital Payment Revolution: Credit Cards Double, Transactions Surge by 45.9% in 2024

According to the latest report of the Reserve Bank of India, there has been a strong increase in the use of credit cards in India. In the last five years, the number of credit cards has more than doubled to about 10.80 crores. Digital payments have also increased rapidly in India. There were 222 crore digital transactions in the calendar year 2013, which increased to more than 20,787 crores in the calendar year 2024.

The volume of digital payments in India has increased by 45.9 percent and the value by 10.2 percent. With this increased infrastructure, the growth of rupees in payment systems and discount cards continues.

RBI has made several efforts to connect UPI with fast payment systems of other countries, so that cross-border remittance payments can be increased. Payments to merchants have been enabled using the Indian UPI app through QR code in Bhutan, France, Mauritius, Nepal, Singapore, Sri Lanka and UAE. With innovation and regulatory support, India’s payment system has become one of the most modern worldwide.

Central bank deputy governor T. Rabi Shankar said it is the bank’s policy to encourage innovation in the payment sector. Retail digital payments in India have grown from Rs 16,416 crore in FY 2012-13 to over Rs 16,416 crore in FY 2023-24, an almost 100-fold increase in 12 years.

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