In 2022 credit card users have spent about five per cent more in comparison to debit cards, in terms of expenditures. Apart from this, credit card transactions and expenditures grew 42% and 84% YoY, respectively. Nowadays, banks are offering good rewards, discounts and deals, which is one of the main reasons for making credit cards more preferred among users. As per the Festive edition of the Insights Report of PayU a credit card user, on average, has spent Rs 6,000 compared to a debit card user who spent Rs 2,500, in 2022. One of UPI’s highest spending categories was Credit Repayment. Wherein debit card transactions declined by 34%, which shows Indians are increasingly repaying personal loans using UPI. As UPI has become the most preferred mode of the transaction by small businesses and consumers, there was a 133% rise in the number of transactions and a 124% growth in expenditure in 2022 compared to 2021. The top 5 cities that contribute to the highest number of transactions through UPI are – Mumbai, Bengaluru, Hyderabad, Chennai and Delhi NCR.