‘Rising credit card and UPI payments indicate increase in consumption’

Rising credit card and UPI payments indicate towards increase in consumption amid recovery in economic activities with ebbing impact of Covid pandemic, said experts and market players.

As per the RBI’s monthly data, Unified Payments Interface (UPI) transaction increased from Rs 9.83 lakh crore in April this year to Rs 10.73 lakh crore in August.

Similarly, credit card spends through PoS (Point of Sale) terminal increased from Rs 29,988 crore in April this year to Rs 32,383 crore in August. The credit card spending on e-commerce platforms, which was valued at Rs 51,375 crore in April, rose to Rs 55,264 crore in August.