UPI QR code number increased by 91.5% to 65.79 crore, more than 80% stake in digital payments: RBI

The number of UPI QR code in the country has increased by 91.5 percent to 65.79 crore in FY 2024-25. This information was given by the RBI. According to the Central Bank, due to increase in UPI QR code, the growth rate of credit card transaction has come down to 7.94 percent.

Debit card number increased to 99 crore

The number of debit cards has increased by 2.7 percent to 99 crores on an annual basis. With the increasing reach of platforms like Google Pay, Paytm and PhonePe, the number of UPI QR codes is increasing rapidly.

Bank officials said that the number of live banks on UPI network has increased to 668 in April. This is also expected to increase the value of transactions.

UPI transaction number increased by 34% on an annual basis

Last month, the number of transactions via UPI has increased by 34 percent to 17.89 billion on an annual basis. Also, the value of the transaction has increased by 22 percent to Rs 23.95 lakh crore on an annual basis.

UPI use the most for digital payment in India

According to the RBI annual report, UPI is the most used for digital payments in India. Four digital transactions in every five are being done through UPI. UPI’s stake in the digital payments of the country increased to 79.7 percent in FY 24, which was 73.4 percent in FY 23.

RBI also gives flexibility in revising the transaction limit for UPI in-Person Merchant Payment, allowing NPCI to adjust the limits based on the needs of users, as well as security measures have been taken, which has made the method of payment more convenient.