Mumbai: In FY 2024-25, the number of UPI QR code in India increased by 91.5 percent, which has now reached 65.79 crores. This information has been shared by the Reserve Bank of India (RBI).
According to RBI, due to increasing popularity of UPI QR code, the growth rate of credit card transactions has come down to 7.94 percent. At the same time, the number of debit cards has also increased by 2.7 percent on an annual basis, which has now reached 99 crores.
The number of UPI QR codes is increasing rapidly due to increasing access to platforms like Google Pay, Paytm and PhonePe.
Bank officials said that the number of banks active on UPI network in April has increased to 668, which is expected to increase the value of transactions.
Last month, the number of transactions through UPI increased by 34 percent on an annual basis, reaching 17.89 billion. Along with this, the total value of transactions has also increased by 22 percent to Rs 23.95 lakh crore.
According to the RBI annual report, UPI is most used for digital payments in India, where four out of every five digital transactions are being done through UPI.
In FY 24, UPI's stake in the country's digital payments increased to 79.7 percent, while in FY 23 it was 73.4 percent.
RBI is operating various initiatives to promote digital payments, including the 'every payment digital' campaign, which aims to make all the people aware of digital payments.
The RBI also provides flexibility in revising the transaction limit for UPI in-person merchant payments, which can adjust the boundaries according to the requirements of the NPCI users. In addition, security measures have also been applied, making the payment process more convenient.
