Economy

UPI Now Powers 83% of India’s Digital Payments: RBI Reports Record Growth by End of 2024

📈 Explosive Growth of UPI

• UPI transaction volume grew from 375 crore in 2018 to 17,221 crore in 2024.
• Transaction value jumped from ₹5.86 lakh crore (2018) to ₹246.83 lakh crore (2024).
• UPI’s share in India’s total payment volume increased from 34% in 2019 to 83% by 2024.
• Compound Annual Growth Rate (CAGR):
  • 89.3% in transaction volume
  • 86.5% in transaction value

🧾 Impact on Other Payment Systems

• Traditional systems like RTGS, NEFT, IMPS, credit/debit cards saw a drop in market share.
• Their combined share declined from 66% in 2019 to just 17% in 2024.

💰 Total Digital Payments in India

• 2019 total payment value: ₹1,775 lakh crore
• 2024 total payment value: ₹2,830 lakh crore
• Retail digital payments grew from 162 crore (FY2013) to 16,416 crore (FY2025) — nearly a 100x growth in 12 years.

📊 Digital Payment Index Trends

• RBI’s Digital Payment Index rose to 445.50 in March 2024, up from 100 in March 2018.
• Reflects major expansion in payment infrastructure and digital adoption.

🚀 Recent Growth Rates

• Since 2023:
  • Volume grew 94x
  • Value grew 3.5x
• Last 5 years:
  • Volume increased 6.7 times
  • Value increased 1.6 times
• 5-year CAGR:
  • 45.9% in volume
  • 10.2% in value

UPI has not just transformed India’s economy — it’s redefining how the world sees inclusive digital finance.