
Summary:
According to the RBI Payments System Report, the United Payments Interface (UPI) has become India's leading digital payment platform, accounting for 83% of the total payment volume by 2024, up from 34% in 2019. The UPI transaction volume increased from 375 crore in 2018 to 17,221 crore in 2024. The value of UPI transactions rose from Rs. 5.86 lakh crore in 2018 to Rs. 246.83 lakh crore in 2024, reflecting an impressive compounded annual growth rate (CAGR).
India's payment ecosystem has expanded dramatically, with transaction values growing from Rs. 1,775 lakh crore (US$ 20,510 billion) in 2019 to Rs. 2,830 lakh crore (US$ 32,701 billion) in 2024. Retail digital payments increased nearly 100 times over 12 years, reaching 16,416 crore transactions in FY25. The RBI's Digital Payment Index rose from 100 in 2018 to 445.50 in 2024, underscoring India's digital revolution fueled by innovation and regulatory support.
Source: IBEF
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