January 28, 2025 12:41 PM

UPI’s share in India’s digital payments surged to 83%: RBI report

The share of the Unified Payments Interface (UPI) in India’s digital payments has surged from 34 per cent in 2019 to an impressive 83 per cent in 2024, with a remarkable compound annual growth rate (CAGR) of 74 per cent over the last five years, according to the RBI’s payment system report. In contrast, the share of other payment systems like RTGS, NEFT, IMPS, credit cards, debit cards, etc., in digital payments volume declined from 66 per cent to 17 per cent during the same period, the rep...