Fintech

How RuPay is rewiring India’s credit card market, one QR code at a time

Sohini Mitter

September 18, 2025 | 12 Min Read

RuPay is rewriting India’s credit playbook. By merging UPI with microspends, it is bringing crores of first-time users into the fold while also enticing affluent customers with rewards. The subtext is bigger: With credit firmly moving onto UPI rails, RuPay could potentially upend Visa & Mastercard.

For decades, credit card usage in India was confined to a narrow slice of the economy. Acceptance was limited to only merchants with point-of-sale (POS) machines and to online stores, which together accounted for barely 5–10% of the overall commerce happening in the country. The vast majority of everyday transactions—chai tapris, auto rides, kiranas, pharmacies—remained in the cash or UPI territory.

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