Summary:

India’s Unified Payments Interface (UPI) strengthened its dominance in FY25, with transaction volume rising to 83.4% from 79.4% in FY24. According to the RBI, UPI processed 185.8 billion transactions, a 41.7% increase from 131.1 billion. Credit card transactions grew to 4.7 billion, while debit card transactions declined 29.5% to 1.6 billion. Overall, India’s total payments rose 34.8% to 222.6 billion, with digital transactions accounting for 99.9%.

Looking ahead to FY26, the RBI plans to conduct a ‘Survey on Usage of Digital Payments’ to better understand consumer behavior and challenges. It will promote innovation, including developing a Digital Payments Intelligence Platform with the Reserve Bank Innovation Hub to combat fraud. The RBI is also simplifying cross-border payments and considering regulatory updates. In FY25, the RBI authorized numerous payment aggregators and expanded UPI acceptance to multiple countries, enabling Indians to make smoother international payments.

Source: IBEF

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