Debit card payments plummet over 13% in FY 2022-23: RBI data

Debit Card

The volume of debit card payments has fallen by just over 13 percent in the financial year 2022-23 to 34,179 lakhs, according to the Reserve Bank of India (RBI) Handbook of Statistics on the Indian Economy 2022-23.

Similarly, the value of debit card payments fell by around 1.5 percent year-on-year in the same period to Rs 7.2 lakh crore, as added in the data.

The Handbook of Statistics on the Indian Economy 2022-23 provides major economic and financial indicators relating to the Indian economy.

The data further showed that credit card volumes has increased by over 30 percent on-year to 29145 lakh, and value rose 47.4 percent on-year to Rs 14.3 lakh crore in FY23.

Last month, UPI crossed 10 billion transactions in a month for the first time. The volume stood at 10.58 billion by the end of the month, as per NPCI data.

The value of transactions for August stood at Rs 15.76 lakh crore surpassing the previous record set in July of Rs 15.34 lakh crore.

The transaction volume growth stood at 61 percent on a year-on-year basis in August, while the transaction value grew 47 percent during the month.

On September 13, Praveena Rai, Chief Operating Officer, National Payments Corporation Of India (NPCI) said UPI transactions are likely to grow over 50 percent on-year going ahead.