Rising credit card and UPI payments show increase in consumption
By MYBRANDBOOK
Rising credit card and UPI payments indicate an increase in consumption whilst the recovery in economic activities with the ebbing impact of pandemic. As per the RBI’s monthly data, the UPI transactions increased from Rs 9.83 lakh crore in April to Rs 10.73 lakh crore in August this year.
Also, credit card spends through the Point-of-Sale (PoS) terminal increased from Rs 29,988 crore in April to Rs 32,383 crore in August this year. 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.
Experts and market players are saying that the increase in volume and value of digital transactions bode well for the economy. It also indicates that consumers are increasingly becoming familiar with different modes of digital payments, and giving up their inhibitions.
The government’s push to digital transactions, rising income, increasing use of smart phones and improvement in internet connectivity are aiding the growth of online payments. Besides, more and more merchants are deploying digital payment infrastructure.
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