Demand for Rupay credit cards has witnessed a substantial increase, surpassing Visa and Mastercard, especially in India’s Tier-2, 3, and 4 towns and cities, following their integration with the United Payments Interface (UPI). According to fintech platform ZET’s consumer study, Rupay credit card demand surged by 37% in Q3 2023, building on a 23% increase in the previous quarter. Among the top 10 cities driving this demand were Jaipur, Meerut, Surat, Nagpur, and others. While Mastercard and Visa accounted for 36% and 35% of card issuances in the April-June quarter, Rupay cards took the lead at 37% in the subsequent quarter. Axis Bank, HDFC Bank, and SBI were the preferred banks for distributing Rupay cards, reflecting the increasing popularity of digital payments across India, including its hinterlands.
Rupay Credit Card Demand Surges in Tier II Cities, Outpaces Visa and Mastercard
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