Debit card usage declines 20% YoY as UPI becomes the first preference

The utility of debit cards is expected take a hit as more and more people across the country prefer the Unified Payments Interface (UPI) platform, according to a report published in The Financial Express (FE).

The latest decision by the National Payments Corporation of India (NPCI) to allow prepaid payment instruments to be a part of the UPI ecosystem will attract even more users to the platform, experts believe.

Amit Tyagi, CEO of Payworld, was quoted in the report as saying, “Earlier, debit cards were the only channel for you to spend money online if you wanted to spend using your bank account.