RuPay credit cards have emerged as a significant player in the Indian credit card market, accounting for approximately 16% of total credit card spending. Speaking at the Mumbai Tech Week 2025, Dilip Asbe, the Chief of the National Payments Corporation of India (NPCI), highlighted this remarkable growth, noting the increasing adoption of UPI-enabled RuPay cards. He stated, "Almost 16 percent of total credit card spends are happening on RuPay now and 50 percent of those are happening on UPI." This shift has seen RuPay credit cards gain traction, particularly among tech-savvy consumers accustomed to seamless digital payments.
According to recent data published by the Ministry of Finance, there were over 750 million transactions on RuPay credit cards processed through UPI, amounting to ₹63,825.8 crore until October of the financial year 2024-2025 (FY25). Comparatively, the previous fiscal year saw about 362.8 million transactions valued at ₹33,439.2 crore, demonstrating clear growth. This increase reflects changing consumer behaviors and the convenience offered by UPI integration for credit card payments. UPI, which runs on NPCI's infrastructure, has helped evolve how consumers perceive and use credit cards.
Despite RuPay's ascent, Visa and Mastercard continue to dominate the Indian credit card market. Their strong footholds are challenged by the innovative features RuPay offers, especially its unique integration with the UPI system. The Reserve Bank of India approved this integration back in June 2022, positioning RuPay as the only UPI-linked credit card network, which significantly boosted its usage.
NPCI is not just focusing on domestic growth. Plans are underway to establish global headquarters and research and development (R&D) facilities within Mumbai's Bandra Kurla Complex. "We are building about 5,000-people-capacity R&D and experience centre," stated Dilip. This ambitious project, allocated space by the Mumbai Metropolitan Region Development Authority (MMRDA), will be pivotal as NPCI expands its global presence. Notably, over 70 countries have shown interest, with officials visiting NPCI's facilities over the last few years.
The expansion is part of NPCI's strategy to broaden its operational footprint across international markets, aiming to deploy UPI services relevant to Indian tourists. Already, UPI payments are accepted in several countries, including Bhutan, Mauritius, Nepal, Singapore, Sri Lanka, and France, with applications from various third-party providers like BHIM, PhonePe, Paytm, and Google Pay supporting this international functionality.
NPCI's strategic plan includes enhancing the acceptance of UPI payments abroad. Notably, focus areas for UPI include regions such as Qatar and Thailand, which are popular travel destinations for Indians. The organization's international arm, NPCI International Payments (NIPL), is actively responsible for deploying these products globally, opening new avenues for growth.
With the rollout of RuPay credit cards and UPI integration, the NPCI is capitalizing on the momentum created by the digital payments revolution experienced throughout India. Although challenges remain due to the dominance of established players like Visa and Mastercard, the value proposition of RuPay, especially its compatibility with the widely accepted UPI framework, offers substantial leverage to grow its user base.
The results of NPCI’s innovations are promising, as evidenced by the skyrocketing transaction figures. RuPay's ascent signifies not just the growth of a payment network but also heralds the broader acceptance of indigenous solutions within the Indian market. This transformation stems from the confluence of technology and consumer needs, making RuPay cards increasingly integral to everyday transactions.
Looking forward, the NPCI's commitment to research and development, alongside its strategy to leverage artificial intelligence, stands to benefit the organization as it navigates the competitive waters of the global payments market. With continued innovation, there’s potential for RuPay and UPI to solidify their positions within the payment ecosystem not just domestically but also on the international stage.
The growth of RuPay credit cards encapsulates the changing dynamics of payment preferences among consumers and the necessary strategic measures institutions must take to evolve with these trends. RuPay's rising share indicates significant consumer confidence and highlights the advantages of localized technological solutions. The path forward for NPCI appears increasingly promising, and the attention to global expansion raises expectations for even greater achievements moving forward.