The scope of digital payment in India is increasing rapidly. At the same time, the use of credid cards has also increased. This has been revealed in a report by the Reserve Bank of India (RBI). According to this RBI report, the number of people using credit cards has increased by more than double in the last 5 years. In December 2024, the number of credit cards has increased more than double than December 2019. The total number of credit cards uses in December 2024 has increased to 10.80 crores. In the year 2019, this number was 5.53 crore.
This shows that people in the country prefer to use credit cards. At the same time, in the case of debit card, it seems that people have opted out of it. The number of debit cards has been stable in the last 5 years.
Digital payment boom
According to the report of the Reserve Bank of India, digital payment has increased in the last decade. According to the report, there were 222 crore digital transactions in 2013. In 2024, this figure reached 20,787 crore. There was also a big change in terms of the value of the transaction. In 2013, there was a digital transaction of Rs 772 lakh crore. It increased to Rs 2,758 lakh crore in the year 2024. In the last 5 years, digital payment has increased by 6.7 times and the price has increased by 1.6 times. This is an average increase of 45.9 percent in the amount of transactions every year and 10.2 percent in the price.
Upi expansion
The RBI has said in its report that it is working with other countries to promote fast payment system. For this, efforts are on to speed up cross border payment through linking UPI. RBI said, through such linkage, problems like high cost, low speed, limited access and lack of transparency can be solved through such linkage.
UPI of India and Paynow in Singapore were linked in February 2023. Overall, India is growing rapidly towards the cashless economy due to increasing use of credit cards, UPI and other digital mediums.
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