The United Payments Interface (UPI) has established itself as the leading platform in India’s digital payment sector, accounting for 83% of total payment transactions in 2024, a significant leap from 34% in 2019, according to the Reserve Bank of India’s (RBI) Payments System Report. UPI transaction volumes skyrocketed from 3.75 billion in 2018 to an astounding 172.21 billion by 2024, out of a total digital payment volume of 207.87 billion. The value of these transactions surged remarkably, growing from $67.71 billion in 2018 to $2,852 billion in 2024, reflecting a compounded annual growth rate (CAGR) of 89.3% in volume and 86.5% in value. Meanwhile, other payment methods, including RTGS, NEFT, IMPS, and card-based systems, saw their collective share decline to 17%.
India’s overall digital payments landscape experienced massive growth. The total transaction value soared from $20,510 billion in 2019 to $32,701 billion by 2024. Retail digital payments alone multiplied by nearly 100 times in the last 12 years, reaching 164.16 billion transactions in the fiscal year 2025. The RBI Digital Payment Index rose from a base score of 100 in March 2018 to 445.50 in March 2024, underlining the sector’s rapid expansion.
Mr. T. Rabi Sankar, Deputy Governor of the RBI, attributed this progress to cutting-edge innovation and regulatory initiatives, positioning India’s payment systems among the world’s most advanced. Over the last five years, digital payment volumes recorded a CAGR of 45.9%, with transaction values growing at 10.2%. This phenomenal growth highlights India’s transformation into a global leader in the digital payment space.
