Suspense Crime, Digital Desk : Debit cards have been Indians' go-to way for taking cash for decades. Taking cash out of ATMs have been like an easy way out for people. However, it looks like debit cards are not preferred as much these days, as new data from RBI revealed the number of debit card users have gone down. As per new data, usage of debit card users have gone down by 44 percent in the last 2 years itself.How much decrease in 2 years?Withdrawal from ATMs have dropped dramatically. According to RBI's FY26 Annual Report, debit card transactions have seen a dip from 2.286 million to 1.612 million in 2023-24 to 2024-25 respectively, and will go down to 1.280 million in 2025-26. The numbers indicate an overall decrease by 44% in the last two years.Why is the usage of debit cards diminishing?This is due to the increase in usage of UPI (Unified Payments Interface). As per data, UPI transactions increased from 13,11,295 lakh to 24,16,169 lakh in FY23-24, that is around 84% increase. From purchasing groceries, vegetables, or any other daily necessities from the market, to paying electricity or water bills, UPI is being used for everything. This has been the only mode of payment to be substituted instead of swiping or tapping cards.
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