Rupay Transactions Likely To Rise At 20% CAGR in Three Years

Rupay Transactions Likely To Rise At 20% CAGR in Three Years

The number of transactions on the RuPay network is anticipated to grow at a 20% CAGR in the next three years. A report by Pine Labs stated that the number of transactions is anticipated to increase from 1.8 billion in 2022–23 to 3.2 billion in 2025–26 (April–March).

RuPay is a card payment network that allows both domestic and international transactions via ATMs, point-of-sale systems, and e-commerce websites. Beginning in 2022–2023, 42 million point-of-sale venues and 2 million automated teller machines accepted RuPay in more than 200 countries.

The Pradhan Mantri Jan-Dhan Yojana (PMJDY), which was launched in 2014, contributed significantly to the immense rise of RuPay cards by offering financial services to the disadvantaged. There were 65 crore RuPay debit cards in existence as of January 2022, accounting for 65% of all debit cards issued.

RuPay will have processed 300 million electronic-commerce payments by December 2022. While many financial institutions have accepted RuPay credit cards using the single payments interface, scaling up will take time.

Month on month, credit card transactions on UPI have increased. Now, RuPay card distribution, as well as merchant MDR approval on cards, must be scaled up, says Tanya Naik, Pine Labs' head of the internet and omnichannel business.

In the future, the e-Rupi, with the digital currency issued by the central bank, will drive payment innovation. Voice-enabled payments are projected to gain popularity in the coming years.

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