As of August 19, 2026, 41.29 crore RuPay debit cards had been issued to PM-JDY account holders, according to the government’s 12-year Jan Dhan review. It is the newest official count in these RuPay statistics. RuPay card transactions at PoS and e-commerce came to 93.85 crore in FY 2024-25, about 25.5% below the 126 crore recorded in FY 2022-23. Over 750 million (75 crore) RuPay credit card transactions ran on UPI in FY25 till October, per Ministry of Finance data.
Issuance kept climbing while PoS and e-commerce transactions fell, and RuPay’s fastest growth moved to credit on UPI. One crore equals 10 million, and every figure below is dated to its source.
Key Takeaways
- RuPay cards issued under Jan Dhan rose about 21.5% in three years, from 33.98 crore to 41.29 crore, per PIB releases.
- About 16% of all credit card spends happen on the RuPay card network, and nearly half of these are credit on UPI, NPCI’s chief said in February 2025.
- RuPay credit card transactions on UPI totalled 362.8 million (36.28 crore) worth ₹33,439.24 crore in FY24, per Ministry of Finance data.
- Incentive disbursements for RuPay debit and low-value UPI fell by ₹2,585 crore, from ₹3,631 crore in FY 2023-24 to ₹1,046 crore in FY 2024-25, per the Ministry of Finance.
- 90% of surveyed users reported increased confidence in digital payments after using UPI and RuPay cards in the government’s impact study.
- RuPay’s market share reached more than 60% of total cards issued as of November 30, 2020, per RBI data.
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- RuPay cards issued to Jan Dhan accounts, August 2026: 41.29 crore.
- RuPay PoS and e-commerce transactions, FY 2024-25: 93.85 crore.
- RuPay credit card transactions on UPI, FY25 till October: over 750 million (75 crore), worth ₹63,825.8 crore.
- RuPay cards issued, November 2020: around 603.6 million (60.36 crore), by 1,158 banks.
- Government incentive support, FY 2021-22 to FY 2024-25: ₹8,276 crore.
- Incentive allocation, Union Budget 2026-27: ₹2,000 crore.
RuPay Statistics: Market Share and Network Size
- As of November 30, 2020, RuPay’s market share had increased to more than 60% of total cards issued, according to the RBI booklet Payment Systems in India (2010-20).
- Around 603.6 million (60.36 crore) RuPay cards had been issued by 1,158 banks as of November 2020.
- Almost 16% of total credit card spends are happening on RuPay, NPCI chief Dilip Asbe said at Mumbai Tech Week 2025.
- No newer share of total cards issued appears in the RBI or NPCI material behind these figures, so the November 2020 share is the latest figure in the sources cited here, a benchmark against networks such as Visa’s card network.
| Metric | Value | As of |
|---|---|---|
| RuPay share of total cards issued | More than 60% | Nov 30, 2020 |
| RuPay share of total cards issued | 17% | 2017 |
| RuPay cards issued | Around 603.6 million | Nov 2020 |
| Banks issuing RuPay cards | 1,158 | Nov 2020 |
| RuPay credit cards | 970,000 | Nov 2020 |
| Share of credit card spends on RuPay | Almost 16% | 2025 |
| RuPay debit cards issued to Jan Dhan accounts | 41.29 crore | Aug 19, 2026 |
Source: Reserve Bank of India, Payment Systems in India (2010-20); NPCI, 2025; Ministry of Finance, August 2026
About This Data
Figures come from 16 sources: 8 Government of India publications, 1 public broadcaster report, 2 NPCI and NPCI International releases and pages, and 5 news reports that relay Ministry of Finance, RBI, NPCI, Union Budget and ICRA data. They were published from January 2021 to October 2026. Only official data, or reporting that names its official source, qualified, and figures are updated when sources publish new editions.
What does RuPay do?
RuPay is India’s indigenous payment network run on the NPCI rails. The RuPay Debit card provided to PM-JDY account holders is a domestic debit card accepted at all ATMs and most PoS machines, and RuPay cards are widely accepted at shops, ATMs, and online portals across India.
RuPay Cards Issued Under Jan Dhan Yojana
- As of August 19, 2026, 41.29 crore RuPay debit cards have been issued to PM-JDY account holders, against 59.09 crore PM-JDY accounts.
- The card count stood at 38.68 crore on August 13, 2025, 36.14 crore on August 14, 2024, and 33.98 crore in August 2023.
- PM-JDY accounts reached 56.16 crore on August 13, 2025, 53.14 crore on August 14, 2024, and 50.09 crore on August 16, 2023.
- Cards issued equalled about 69.9% of PM-JDY accounts in August 2026, against about 67.8% in August 2023.
- The latest year added about 2.61 crore cards.
- Accident insurance cover of ₹1 lakh, enhanced to ₹2 lakh for new PM-JDY accounts opened after August 2018, comes with the card, and the National Payments Corporation of India pays the premium.
- Card counts measure issuance, not use; India’s wider debit card base is tracked separately.
View the data
Recent Developments
- August 27, 2026: PM-JDY deposits reached ₹3,16,514 crore as of August 19, 2026, and accounts reached 59.09 crore with 32.92 crore female beneficiaries.
- September 10, 2026: The Reserve Bank of India (RBI) Governor, Sanjay Malhotra, announced the launch of UPI ‘Tap & Pay’ on Point-of-Sale (POS) terminals at the Global Fintech Fest (GFF) 2026, and the feature supports payments across multiple account types on UPI, including RuPay Credit Card on UPI.
- September 10, 2026: Tap & Pay users can make UPI PIN-less transactions of up to ₹5,000, above which they enter their UPI PIN on the POS terminal.
- September 15, 2026: A government gazette notification said no bank or system provider can impose any direct or indirect charge on payments made through RuPay-powered debit cards and UPI transactions of up to ₹2,000.
- September 15, 2026: The notification categorised RuPay-powered debit cards and UPI transactions of up to ₹2,000 as electronic modes of payment.
RuPay PoS and E-Commerce Transaction Statistics
- RuPay card transactions at PoS and e-commerce increased from 28.28 crore in FY 2016-17 to 126 crore in FY 2022-23.
- The count was 96.78 crore in FY 2023-24, and 93.85 crore in FY 2024-25.
- FY 2024-25 volume ran about 3.0% below FY 2023-24.
- The FY 2017-18 base was 67 crore RuPay card transactions at PoS and e-commerce.
- The figures cited here do not split the decline between debit and credit cards.
View the data
By the numbers: RuPay card transactions at PoS and e-commerce reached 126 crore in FY 2022-23, then 93.85 crore in FY 2024-25, per Ministry of Finance data. Jan Dhan card issuance kept rising over the same years, so the network’s reach and its PoS and e-commerce transactions are now moving in opposite directions.
RuPay vs UPI Transaction Volumes
- UPI financial transactions increased from 535 crore in FY 2018-19 to 18,587 crore in FY 2024-25.
- Total digital transactions went up from 2,338 crore in FY 2018-19 to 22,198 crore in FY 2024-25.
- RuPay PoS and e-commerce transactions equalled about 0.42% of all digital transactions in FY 2024-25.
- UPI handled about 198 financial transactions for every RuPay card transaction at PoS and e-commerce in FY 2024-25.
- In FY 2023-24, UPI financial transactions reached 13,113 crore and total digital transactions 16,443 crore.
- Month-by-month volumes for the rail itself are in our UPI transaction data.
| Metric (crore transactions) | FY 2023-24 | FY 2024-25 |
|---|---|---|
| Total digital transactions | 16,443 | 22,198 |
| UPI financial transactions | 13,113 | 18,587 |
| RuPay PoS and e-commerce transactions | 96.78 | 93.85 |
Source: Ministry of Finance, PIB Jan Dhan releases, August 2024 and August 2025
RuPay Credit Card on UPI Statistics
- The program to link RuPay credit cards on UPI rolled out in September 2022, so users could link their RuPay credit cards on UPI apps to make merchant payments.
- Till October of FY25, over 750 million (75 crore) such transactions amounting to ₹63,825.8 crore were processed.
- FY24’s average RuPay credit transaction on UPI was about ₹922.
- The merchant discount rate and interchange fee on RuPay credit cards linked to UPI continued to be zero for transactions up to ₹2,000 for small merchants.
- The September 2026 Tap & Pay launch brings RuPay credit on UPI to the same NFC terminals tracked in our contactless payment data.
| Period | Transactions | Value (₹ crore) |
|---|---|---|
| H2 FY23 | 0.86 million | 134.67 |
| FY24 | 362.8 million | 33,439.24 |
| FY25 (till October) | Over 750 million | 63,825.8 |
Source: Ministry of Finance data reported by Business Standard, December 2024
RuPay Credit Card Market Share
- The restructured PM SVANidhi scheme, approved on August 27, 2025, provides a UPI-linked RuPay Credit Card for beneficiaries who have timely repaid the second loan.
- The restructured scheme aims to benefit 1.15 crore beneficiaries, including 50 lakh new beneficiaries, with a total outlay of ₹7,332 crore.
- For the wider card market these shares sit inside, see the India and global credit card data.
| Metric | Value | Date |
|---|---|---|
| RuPay share of total credit card spends | Almost 16% | 2025 |
| Share of RuPay credit spends on UPI | 50% | 2025 |
| Banks issuing RuPay cards, per NPCI chief speaking on credit card spends | Over 30 | 2025 |
| PM SVANidhi target beneficiaries | 1.15 crore | 2025 |
Source: NPCI, Mumbai Tech Week 2025; PIB, December 2025
Which banks use the RuPay card?
As of November 2020, 1,158 banks had issued around 603.6 million (60.36 crore) RuPay cards, per RBI data. Over 30 banks are issuing RuPay cards, NPCI’s chief said in 2025, speaking about credit card spends. RuPay debit cards are provided to PM-JDY account holders by their banks.
RuPay and UPI Incentive Scheme Spending
- The Government’s budgetary support of ₹8,276 crore for the scheme covered incentive disbursements from FY 2021-22 to FY 2024-25.
- Disbursements were ₹1,389 crore in FY 2021-22 and ₹2,210 crore in FY 2022-23.
- They reached ₹3,631 crore in FY 2023-24 and ₹1,046 crore in FY 2024-25.
- FY 2024-25 disbursements were about 71.2% lower than in FY 2023-24.
- The Government’s budgetary support for the scheme has been significant, according to the Ministry of Finance.
View the data
Why it matters: The government’s impact study identifies the need for targeted interventions to strengthen RuPay debit card usage, particularly in rural and semi-urban areas. With incentive payouts well below their FY 2023-24 peak, that recommendation now competes for a smaller pool of public money than the scheme once had.
RuPay Incentive Budget Allocations
- The FY 2023-24 scheme carried a financial outlay of ₹3,500 crore, with ₹500 crore allocated for RuPay Debit Card and ₹3,000 crore for BHIM-UPI.
- The Union Budget allocated a ₹2,000 crore incentive to promote low-value, peer-to-merchant UPI and RuPay debit card transactions for FY 2026-27.
- That was 8.9% lower than the final FY26 allocation of about ₹2,196.21 crore.
- The Budget Estimate for FY26 was ₹437 crore.
- The final FY26 allocation came in at about 5.0 times the Budget Estimate.
View the data
RuPay Debit Card Incentive Rates
- RuPay Debit Card transactions at PoS and e-commerce earn acquiring banks 0.40%, capped at ₹100, other than industry programmes under the FY 2023-24 scheme.
- The ₹100 cap applies once a RuPay debit transaction exceeds ₹25,000.
- For industry programmes, the ₹6 cap applies above ₹4,000.
| Transaction category | Incentive rate | Cap per transaction |
|---|---|---|
| RuPay Debit Card PoS and e-commerce, other than industry programmes | 0.40% | ₹100 |
| RuPay Debit Card PoS and e-commerce, industry programmes | 0.15% | ₹6 |
| BHIM-UPI P2M up to ₹2,000, other than industry programmes | 0.25% | Not stated |
| BHIM-UPI P2M up to ₹2,000, industry programmes | 0.15% | Not stated |
Source: Department of Financial Services, Ministry of Finance, March 2024
RuPay and UPI User Survey Statistics
- The survey covered 10,378 respondents across 15 States, including 6,167 users, 2,199 merchants, and 2,012 service providers.
- Fieldwork was conducted between July 22 and August 25, 2025, using face-to-face Computer-Assisted Personal Interviews.
- 90% of users reported increased confidence in digital payments after using UPI and RuPay cards.
- Among surveyed users, UPI was the most preferred mode of transaction at 57%, surpassing cash at 38%.
- Cashback incentives were a key motivation for adoption for 52% of users, while 74% cited speed of payment as the primary advantage.
View the data
Merchant Digital Payment Adoption Statistics
- Among merchants, 94% of small merchants reported adoption of UPI.
- The study figures cited here give no separate merchant acceptance rate for RuPay debit cards.
| Survey findings (merchants) | Share of merchants |
|---|---|
| Small merchants reporting UPI adoption | 94% |
| Satisfied with digital payments | About 72% |
| Reported higher sales after digital adoption | 57% |
Source: Ministry of Finance, PIB, impact study fieldwork July to August 2025
RuPay International Acceptance and Milestones
- NPCI International has facilitated the acceptance of UPI and RuPay in countries such as Nepal, UAE, France, Bhutan, Mauritius, and Sri Lanka.
- The RuPay card scheme was introduced in Bhutan in 2020, making it the first country outside India to start the issuance of RuPay cards.
- RuPay launched in Mauritius in 2024.
- RuPay cardholders from Bhutan and Mauritius can use their cards across all ATMs and PoS terminals in India.
- The RuPay credit card was launched in June 2017.
View the data
Are RuPay and Discover the same?
No, they are separate networks. NPCI International describes RuPay Card as India’s first global card payment network, and the RuPay international card was launched in partnership with Discover Financial Services and Japan Credit Bureau. The partnership does not merge the brands, and the US network’s own figures are in our Discover card statistics.
RuPay Revenue and NPCI Financials
- No RuPay-only revenue figure appears in the NPCI financial data cited here, which covers the company as a whole, UPI included.
- NPCI earned an annual operating revenue of ₹3,270 crore in FY 2024-25, according to credit rating agency ICRA.
- NPCI’s Surplus After Tax stood at ₹1,552 crore, a 41.7% year-on-year increase.
- The profit margin was 47.5%, and the net worth stood at ₹6,412 crore as of March 31.
- ICRA reaffirmed NPCI’s A1+ rating on June 23 for ₹15,000 crore of short-term fund-based bank facilities.
Is RuPay an Indian card?
Yes. RuPay is India’s indigenous payment network run on the NPCI rails, and NPCI International describes RuPay Card as India’s first global card payment network. India is its home country, and NPCI runs it.
Conclusion
41.29 crore RuPay debit cards have been issued to PM-JDY account holders, while RuPay card transactions at PoS and e-commerce came to 93.85 crore in FY 2024-25. RuPay’s constraint has shifted to usage. The growth in these figures is due to RuPay credit on UPI, while PoS and e-commerce transactions and incentive payouts fell, and the government’s own study calls for targeted work on debit card use.
A government gazette notification now bars any direct or indirect charge on payments of up to ₹2,000 made through RuPay-powered debit cards. Over 750 million (75 crore) RuPay credit card transactions ran on UPI in FY25 till October. The next Jan Dhan anniversary release will show whether zero-charge debit payments lift PoS and e-commerce transactions too.
