The average ticket size of transactions through credit cards was recorded three times more than UPI (Unified Payments Interface) in May 2023, according to the data in the latest monthly bulletin by the Reserve Bank of India (RBI) on June 23.
The ticket size for credit cards was 4,968 and for UPI it was 1,582.
With the linking of Rupay credit cards to UPI, the share of P2M (person-to-person) transactions in value terms is also anticipated to rise, owing to a higher average ticket size of credit card purchases than UPI.
However, the UPI is expected to account for 90 percent share of retail digital transactions volume in the next five years, up from 75.6 percent in 2022-23, according to the RBI Bulletin.
The Bulletin, a monthly publication that offers insights into the developments in domestic and global economies, doesn’t represent the views of the central bank.
(This is the developing story, please come back for more details)
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