UPI integration has resulted in an uptick in demand for RuPay credit cards in India’s Tier-2, 3 and 4 towns and cities, reports a latest consumer study by ZET (previously OneCode), a fintech platform with the 1.5 million agents for financial distribution. The report suggests the percentage of RuPay cards issued through the platform during the April-June quarter stood at 29 per cent while Mastercard and Visa were almost on par with 36 per cent and 35 per cent respectively. However, in the following quarter the demand for RuPay cards surpassed those for Visa and Mastercard. Demand for RuPay credit cards went up by 37 per cent (QoQ) in the July-September quarter across India’s 706 small towns and cities.
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Among the banks distributing RuPay cards, the most preferred were Axis Bank, HDFC Bank and SBI.
The demand for RuPay credit cards has been growing steadily every quarter. During the April-June quarter this demand went up by 23 per cent (QoQ). The top-10 cities that witnessed the maximum demand for RuPay cards during July-September quarter were Jaipur, Meerut, Surat, Nagpur, Ranchi, Raipur, Varanasi, Indore, Kanpur, and Jhansi.
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Manish Shara, Co-Founder and CEO, ZET said “Ever since the integration with UPI, RuPay credit cards are witnessing a rise in demand for RuPay cards across India’s Tier-2, 3 and 4 towns and cities. Almost 37 per cent of the cards issued through the platform in India’s hinterland during the July-September quarter were for RuPay cards followed by Mastercard (32 per cent) and Visa (31 per cent). This highlights the increasing popularity of digital payments in the country that has now expanded to India’s hinterlands as well. This augurs well for the larger ecosystem as we move towards a digital economy.”
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With over 55 partner brands such as SBI, HDFC, Axis Bank and others, ZET has seen a 4x increase in the monthly income of its agents. ZET has been successful in removing the dependency on direct selling agents (DSAs), and bringing transparency in processes.
