Demand for Rupay credit cards surges 37% QoQ in Tier 2, 3, 4 cities: ZET Consumer Insights

The demand for Rupay credit cards has experienced a substantial 37 per cent increase quarter-on-quarter (QoQ) during the July-September period in India’s Tier-2, 3 and 4 towns and cities, according to a report by fintech platform ZET Consumer Insights.

The report highlighted the surge in demand for Rupay credit cards in Tier-2, 3, and, 4 towns and cities across India came on the back of the integration with UPI.

This growth in demand for Rupay credit cards has been on a consistent upward trajectory, with a 23 per cent increase (QoQ) recorded during the April-June quarter. The top ten cities that witnessed the highest demand for Rupay cards in the July-September quarter were Jaipur, Meerut, Surat, Nagpur, Ranchi, Raipur, Varanasi, Indore, Kanpur, and Jhansi.

Manish Shara, Co-Founder and CEO of ZET said, "Since the integration with UPI, there has been a remarkable surge in the demand for Rupay credit cards across India's Tier-2, 3, and 4 towns and cities. During the July-September quarter, nearly 37 per cent of the cards issued through our platform in India's hinterlands were Rupay cards, surpassing Mastercard (32 per cent) and Visa (31 per cent). This underscores the growing popularity of digital payments in the country, extending to even the remotest parts of India. It bodes well for our transition towards a digital economy."

The distribution of Rupay cards through the platform in the April-June quarter stood at 29 per cent, with Mastercard and Visa sharing an almost equal percentage of 36 per cent and 35 per cent, respectively. However, in the subsequent quarter, the demand for Rupay cards overtook that of Visa and Mastercard. Among the banks distributing Rupay cards, Axis Bank, HDFC Bank, and SBI were the most preferred choices.

Over the years, ZET has established a network of 15 lakh financial agents across Tier 2, 3, and 4 cities in India, offering crucial financial services and support to end customers. Leveraging its "phygital" network of sales and financial agents, along with free training, customer management, and payout incentives, ZET has effectively addressed the challenge of providing financial services access to individuals in the most remote corners of India.

With a network of more than 55 leading partner brands, including SBI, HDFC, and Axis Bank, ZET has contributed to a fourfold increase in the monthly income of its agents, all from the comfort of their homes.

As of today, ZET operates in over 15,000 pin codes across India, resolving the issue of financial distribution on a national scale. The platform has successfully reduced the reliance on direct selling agents (DSAs) and introduced transparency to financial processes. The implementation of customer profiling, supported by an in-house data team, has enabled targeted user engagement, resulting in increased efficiency and higher payouts.

During the period from March to December 2020, when many bank agents lost their jobs due to the COVID-19 pandemic, ZET's remote earning offerings provided assistance to over 35,000 individuals, helping them regain their footing and attain stability in their lives.

ZET, formerly known as OneCode (registered as Vistas Technolabs Pvt Ltd), serves as a fintech platform that bridges the gap between financial products and potential customers in Tier 2, 3, and 4 cities of India through a digitised network of sales and financial agents.