India’s digital payments system is witnessing sustained and rapid growth, with the Unified Payments Interface (UPI) continuing to dominate transaction volumes, as per the Reserve Bank of India’s Payment Systems Report for the half year ended June 2025.
The report reveals that over the past decade, digital transactions in the country have expanded 38 times in volume and more than tripled in value. In the first half of 2025 alone, total payment transactions reached 12,549 crore in volume and ₹1,572 lakh crore in value, with digital payments making up 99.8% of all transactions by volume.
UPI continued to be the most preferred mode of payment, accounting for 85% of total transaction volumes but only 9% of the overall transaction value. In comparison, the Real-Time Gross Settlement (RTGS) system represented 69% of the total transaction value, highlighting its significance in facilitating high-value transfers.
The RBI report also pointed to sustained growth across retail payment systems such as NEFT, IMPS, NACH, BBPS, and NETC, showcasing the expanding reach of India’s digital payment infrastructure. UPI transactions alone climbed to 10,637 crore in the first half of 2025, with a total value of ₹143.3 lakh crore.
Payment Systems Reports are intended to serve as a resource for policymakers, industry participants, and researchers. The reports capture payments statistics, regulatory developments, and ongoing technological advances that are reshaping India’s payment systems. As we move forward, the Reserve Bank of India will continue to promote an efficient, resilient, and accessible payment infrastructure that supports the country’s economic growth and digital transformation.
This report highlights the continuing expansion of the Unified Payments Interface (UPI), which has completely transformed digital payments in India, and brought about significant enhancements across various payment instruments thereby promoting a diversified and inclusive payments ecosystem. These developments have helped ensure safety of payments, foster customer confidence and strengthen operational protocols, says Vivek Deep, ED, RBI.
