Another feather has been added to the crown of the Unified Payments Interface (UPI) platform, a global flagship of the Indian Digital Public Infrastructure (DPI).
The National Payments Corporation of India (NPCI) Managing Director and CEO, Dilip Asbe, claims that monthly credit card usage over UPI has surpassed Rs 10,000 crore.
The CEO of the NPCI further disclosed that credit lines on UPI accounts had reached between Rs 100 and Rs 200 crore, with the RuPay credit card on UPI service providing the remaining funds.
He claims that ICICI Bank is one of the top banks providing credit through UPI, and that there are currently five or six additional lenders active on the platform.
NPCI launched “credit line on UPI” last year, offering low-ticket, high-volume retail loans to people and businesses.
Axis Bank, HDFC Bank, ICICI Bank, Indian Bank, Punjab National Bank (PNB), and State Bank of India (SBI) are live with this facility.
Among the digital platforms, BHIM, Google Pay, Paytm, PayZapp, Navi, and Tata Neu are live on this product offering.
RuPay Credit Cards on UPI provide a seamless, digitally enabled credit card lifecycle experience for the customers. Currently, as many as 16 banks are facilitating this product.
UPI-based transactions, meanwhile, reached Rs 20.64 lakh crore in July as opposed to Rs 20.07 lakh crore the month before, a massive 35% increase (year-over-year). From 13.89 billion transactions in June to 14.44 billion transactions in July, the overall number of UPI transactions increased by nearly 4% (month over month).
With multiple nations embracing the UPI success story, the average daily transaction volume increased to 466 million in July from 463 million in June. NPCI data shows that the average daily transaction value for the previous month was Rs 66,590 crore.
Due to the debut of the RuPay credit card on UPI and its expansion into international markets, UPI is currently adding up to 60 lakh new users each month.
