Neutral impactSector
UPI now dominates merchant payments: Are cards becoming less useful?
Times of India 1 hr ago·11 Sept 2026, 10:36 am
India's digital payment landscape is undergoing a major shift, with the Unified Payments Interface (UPI) now leading the way for everyday merchant transactions. This surge in popularity is causing a noticeable decline in the use of physical debit cards for shopping, with many users preferring the convenience of scanning a QR code instead.
For investors, this trend highlights the changing preferences of the retail sector. While debit cards are increasingly used only for cash withdrawals, credit cards are seeing renewed interest for larger purchases and online shopping. The ability of RuPay cards to link directly with UPI apps further blurs the lines between different payment methods.
Moving forward, the focus for the broader market will be on how fintech companies and banks adapt their strategies. Businesses that rely on traditional card networks may need to adjust their systems, while companies driving the QR code and UPI ecosystem are likely to benefit from this ongoing digital transformation.
Key takeaways
- Category: Sector.
- Assessed as a significant, market-relevant update.
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