The Unified Payments Interface (UPI) continued to consolidate its dominance in India’s digital payments ecosystem, accounting for 83.7% of total transaction volume in FY25, up from 79.7% in FY24.
According to the Reserve Bank of India’s (RBI’s) annual report for FY25, UPI facilitated 185.8 billion transactions during the year, marking a 41% year-on-year increase. In value terms, UPI transactions rose to ₹261 trillion, up from ₹200 trillion in FY24.
Overall digital payments in the country—which include transactions via payment systems, card networks, and prepaid payment instruments (PPIs)—grew 35% to 221.9 billion in FY25, from 164.4 billion transactions in FY24. In value terms, total digital payments surged 17.97% to ₹2,862 trillion.
“The success of UPI placed India in a leadership position with a share of 48.5% in global real-time payments by volume,” the central bank noted.
Credit card transactions increased to 4.7 billion in FY25 from 3.5 billion in FY24, while debit card usage saw a sharp 29.5% decline, falling to 1.6 billion transactions. The share of digital transactions in the total volume of non-cash retail payments stood at 99.9% in FY25, slightly up from 99.8% in FY24.
On international expansion, the RBI said it remains committed to extending UPI to 20 countries by 2028–29. Acceptance of Indian UPI apps via QR codes has already been enabled in Bhutan, France, Mauritius, Nepal, Singapore, Sri Lanka, and the UAE, allowing Indian tourists, students, and business travellers to make merchant payments using their domestic UPI apps.
The RBI has also given a nod to NPCI International Payments (NIPL) to deploy UPI-like infrastructure in Namibia, Peru, Trinidad and Tobago, and Jamaica. Additionally, it plans to explore Fast Payment System (FPS) collaborations with countries in the European Union, the South Asian Association for Regional Cooperation (SAARC), and other multilateral frameworks.