UPI Now Drives 85% of India’s Payment Volumes as RBI Signals Deepening Digital Shift

India’s digital payments ecosystem is becoming increasingly concentrated around the Unified Payments Interface (UPI), with the real-time payments platform now accounting for 85.5% of the country’s total payment transaction volumes, according to the Reserve Bank of India’s latest Payment Systems Report.

The report highlights how India’s payment infrastructure is undergoing a structural transformation, with digital payment systems rapidly displacing paper-based transactions, reshaping consumer payment behaviour, and reinforcing the country’s position as one of the world’s largest real-time payments markets.

According to the RBI, digital payment transaction volumes in India have expanded 33 times over the past decade, while transaction values have nearly tripled between 2016 and 2025. Over the last five years alone, payment transaction volumes grew more than four-fold, recording a compound annual growth rate (CAGR) of 43% in volume and 17% in value.

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The strongest signal from the report is the growing dominance of UPI across...

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