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economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
RuPay accounts for 16% of credit card spending, with half driven by UPI: NPCI's Dilip Asbe
UPI), Dilip Asbe, managing director and CEO of National Payments Corporation of India (NPCI), said on Friday.
Speaking to journalists at the Mumbai Tech Week, Asbe noted that over 30 banks currently issue RuPay credit cards in the country.
«About 16% of total credit card spends are happening on Rupay now, and about 50% of that is happening on UPI,» he said.
According to recent data published by the Ministry of Finance, as of October 2024, more than 750 million transactions worth Rs 63,825.8 crore were processed through RuPay credit cards on UPI in the current financial year. This more than doubled from 362.8 million transactions valued at Rs 33,439.2 crore in the last fiscal year.
However, Visa and Mastercard continue to dominate India’s credit card market, even as RuPay gains traction, driven largely by the adoption of UPI-enabled credit cards.
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How chronic illness became a starting point for artistic alchemy for Koshy Brahmatmaj
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Even at $5 trillion, Nvidia is underappreciated
Subscribe to enjoy similar stories.Nvidia is no longer the only AI chip game in town. But it is the largest by far, and the likelihood that it will be that way for the foreseeable future should count for something.It hasn’t counted for much lately.
21.05 / 10:17
markets
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RK Swamy bets on integrated advertising model as global agency giants split media and creative
Subscribe to enjoy similar stories.Homegrown advertising group RK Swamy Ltd is betting on its integrated marketing model to drive growth over the next few years, combining media, creative and other advertising services even as the ‘Big Four’ agency networks increasingly separate those businesses.“We never did disaggregated media and creative [although] that was an option 20 years ago,” Shekhar Swamy, MD and group CEO of RK Swamy Ltd told Mint in an interview.“How can you disaggregate the two? The media function holds a lot of data, and then when media and creative walk separately, it creates a lot of tension. This is not a sensible model for a client.”RK Swamy’s clients include Magicbricks, Polycab, and several government institutions and PSUs such as LIC.The company reported a 15% jump in annual revenue for FY26 to ₹351.73 crore, while profit before tax and exceptional items rose 30% year-on-year to ₹32.2 crore.
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21.05 / 09:47
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Forensic audits support corporate-fraud probes and IBC cases but still lack enforceable standards
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Subscribe to enjoy similar stories.MUMBAI: India’s listed electronics manufacturers are under pressure to defend profitability as the mobile-phone assembly boom slows, prompting a shift towards higher-value industrial electronics.Investors remained jittery through the last fiscal, driven by concerns that slowing consumer sentiment could weigh on the rapid growth that electronics manufacturing services (EMS) firms have delivered so far.In an interview with Mint, Jasbir Singh Gujral, managing director of Syrma SGS Technology Ltd, India’s second-largest listed EMS firm, said, “We’re increasingly looking to capture a larger chunk of contracts from defence, aerospace and med-tech verticals, all of which represent opportunities for original design manufacturing, and also bring significantly higher margins. We’ve already started this transition, and we plan to do more of it this fiscal.”Beyond mobile phones and laptops, EMS firms are expanding into smart metres for electricity boards, aerospace and defence subsystems, railway safety instrumentation, printed circuit boards and display assemblies, and medical devices deployed in hospitals.India’s annual mobile phone shipments have remained subdued since the covid-19 pandemic, with industry estimates pointing to a single-digit decline this calendar year from 152 million smartphones shipped last year.The margin pressure driving this shift is increasingly visible.In FY26, Syrma SGS reported an operating margin of 7.1%, up 2.3 percentage points.
