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2w ago

UPI Powers 34.8% Surge in India’s FY2024-25 Digital Payments

The RBI has set a timeline to extend UPI to 20 foreign markets by 2029 in a bid to fortify India’s digital payments backbone.

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Photo: ANI
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Overview

  • India’s digital payments grew 34.8% in volume and 17.3% in value in FY2024-25, with total transaction value hitting Rs 2,862 lakh crore.
  • UPI accounted for 84% of retail digital payment volumes, surging 41.7% in transaction count and 30.3% in value.
  • The country captured 48.5% of global real-time payments by volume, the largest share worldwide.
  • UPI QR codes climbed 91.5% to 65.8 crore and PoS terminals rose 24.7% to 1.1 crore under the Payments Infrastructure Development Fund.
  • The RBI plans AI governance frameworks, next-generation e-Kuber cloud upgrades and programmable, offline CBDC features to strengthen the digital payments ecosystem.