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India accounted for 48.5% of global real-time payments by volume in FY25, with the Unified Payments Interface (UPI) continuing to drive the country’s dominance in digital transactions, the Reserve Bank of India (RBI) said in its FY25 Annual Report released on Thursday.
RBI, along with NPCI International Payments Ltd (NIPL), is working to expand UPI to 20 countries by FY29. The project’s initiation began in FY25.
Acceptance of UPI apps through QR codes has already been enabled in Bhutan, France, Mauritius, Nepal, Singapore, Sri Lanka, and the UAE, facilitating payments for Indian tourists, students, and business travellers.
The RBI has also approved deployment of UPI-like infrastructure in Namibia, Peru, Trinidad and Tobago, and Jamaica. Further, it plans to explore fast payment system collaborations with countries in the EU, SAARC, and other global multilateral platforms.
These developments underline India’s growing influence in shaping the global real-time payments ecosystem, with UPI at the core of its fintech diplomacy.
UPI surge
UPI transactions surged 41.7% in volume to 185.8 billion and rose 30.3% in value to Rs 261 trillion during the year. In FY24, UPI had recorded ₹200 trillion in transaction value.
The payment platform further cemented its position domestically, contributing 83.7% of the total retail digital payment volume, up from 79.7% in FY24.
Overall, digital payments in India—which include UPI, NEFT, card networks, and prepaid instruments—grew by 35% in volume to 221.9 billion transactions and by 17.97% in value to Rs 2,862 trillion in FY25.
The NEFT system saw its own strong growth, with volume up 32.4% and value up 13.4% year-on-year.
Credit card usage increased to 4.7 billion transactions from 3.5 billion a year ago. However, debit card transactions declined sharply by 29.5%, dropping to 1.6 billion in FY25.
Digital transactions made up 99.9% of all non-cash retail payments in FY25, slightly higher than 99.8% in the previous fiscal.
Growth was also supported by the Payments Infrastructure Development Fund (PIDF), which subsidised the deployment of acceptance devices, particularly in Tier III to Tier VI towns.
The number of point-of-sale (PoS) terminals increased by 24.7% to 1.1 crore, while UPI QR codes more than doubled, rising 91.5% to 65.8 crore as on March 31, 2025.
- Published On May 31, 2025 at 08:00 AM IST
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