NEW DELHI: A consumer study has revealed there has been an uptick in demand for Rupay credit cards due to UPI integration in India’s Tier-2, 3 and 4 towns and cities.
The study by fintech platform ZET (previously OneCode) reveals that demand for Rupay credit cards went up by 37% (QoQ) in the July-September quarter across India’s 706 small towns and cities. The demand has been growing steadily every quarter. The top-10 cities that witnessed the maximum demand for Rupay cards during July-September quarter were Jaipur, Meerut, Surat, Nagpur, Ranchi, Raipur, Varanasi, Indore, Kanpur and Jhansi.
Commenting on the trend, Manish Shara, co-founder and CEO, ZET said: “Ever since the integration with UPI, Rupay credit cards are witnessing a rise in demand for Rupay cards across India’s Tier-2,3, and 4 towns and cities. Almost 37% of the cards issued through the platform in India’s hinterland during the July-September quarter was for Rupay cards followed by Mastercard (32%) and Visa (31%). This highlights the increasing popularity of digital payments in the country that has now expanded to India’s hinterlands as well. This augurs well for the larger ecosystem as we move towards a digital economy.”
Among the banks distributing Rupay cards, the most preferred were Axis Bank, HDFC Bank and SBI.
