The total payment transactions during the period amounted to Rs 1,572 lakh crore, out of which, Rs 1,536 was transferred as digital payments.
In 2019, digital payments accounted for approximately 96.7% of the total payment transactions by volume and 95.5% by value. However, in 2014, these figures had risen to 99.7% in terms of volume and 97.5% in terms of value.
UPI vs RTGS
In the first six months of 2025, UPI accounted for the largest share at 85% of transactions in terms of volume, while it had only 9% share in transactions by value.
Meanwhile, Real Time Gross Settlement (RTGS) system recorded the largest share of 69% in terms of value, while it accounted for the lowest share of 0.1% in terms of volume.
This is because UPI processes a very large number of small-value transactions, resulting in a high share in terms of volume, but a relatively lower share in terms of value. Meanwhile, RTGS, also called the wholesale payment system, contributes higher in terms of transaction value since it has a band of minimum transaction amount of Rs 2 lakh.
In the last decade, digital transactions have increased 38 times in volume terms and more than three times in value terms, RBI said in its ‘Payment Systems Report’. The CAGR for the decade ending 2024 was 52.5% in terms of volume and 13% in terms of value.
In the last five years, digital payments in India have increased 6.6 times in volume and 1.6 times in value. This amounts to a five-year CAGR of 46% in terms of volume and 10% in terms of value.
The digital payments ecosystem in India comprises of a variety of diverse payment options including credit and debit cards, UPI, IMPS, NEFT, RTGS, digital and mobile wallets, net banking, etc.