UPI leads in payments volume, RTGS in value; debit card transactions decline: RBI report
The RBI’s Payments Systems Report (H1 2025) shows UPI leading in transaction volume, while RTGS dominates in value. Debit card usage continues to decline, whereas digital payment adoption across platforms has surged.
Analysis
- Digital Payments Overview
- Transaction Volume Growth: 3,248 crore in CY 2019 → 20,849 crore in CY 2024.
- Transaction Value Growth: ₹1,775 lakh crore → ₹2,830 lakh crore in the same period.
- Digital payments now account for ~99.8% of transaction volume and 97.7% of transaction value (H1 2025).
- UPI (Unified Payments Interface)
- Volume: 1,079 crore (CY 2019) → 17,221 crore (CY 2024) → 10,637 crore in H1 2025.
- Value: ₹18.4 lakh crore → ₹246.8 lakh crore → ₹143.3 lakh crore in H1 2025.
- Mainly used for small-value retail transactions.
- Global reach: UPI now accepted in Qatar, first merchant: Qatar Duty Free.
- Other Payment Systems
- NEFT: Volume tripled (262.2 → 926.8 crore), value nearly doubled (₹232.9 → ₹432.8 lakh crore).
- RTGS: Volume 14.8 → 29.5 crore, value ₹1,388.7 → ₹1,938.2 lakh crore; H1 2025 value ₹1,079.2 lakh crore.
- IMPS: Volume 238.3 → 593.8 crore, value ₹21.8 → ₹70.7 lakh crore.
- Credit Cards: Volume 208.7 → 447.2 crore, value ₹7.1 → ₹20.4 lakh crore.
- Debit Cards: Decline in volume (495.3 → 173.8 crore) and value (₹6.83 → ₹5.15 lakh crore).
- Other Digital Payment Platforms
- Prepaid Payment Instruments (PPIs): Volume increased, value stable.
- Bharat Bill Payment System (BBPS): Volume 12.6 → 217.5 crore, value ₹0.2 → ₹7.7 lakh crore; number of billers 134 → 22,378.
- FASTag/NETC: Toll plazas onboarded 505 → 1,782, issuance 52 lakh → 11.11 crore.
- NACH: Volume 324.7 → 677.1 crore, value ₹16.6 → ₹42.2 lakh crore; NACH Credit > NACH Debit consistently.
- Trends & Implications
- CAGR (Decade ending 2024): 52.5% in volume, 13% in value.
- Shift from cards to digital platforms: Debit card usage declining, UPI/IMPS/BBPS surging.
- Digital-first economy: Real-time, small-value transactions increasingly dominate, facilitating financial inclusion and cashless economy adoption.
Static / Background Table
| Payment Mode | Volume CY 2019 → CY 2024 | Value CY 2019 → CY 2024 | Trend |
|---|---|---|---|
| UPI | 1,079 → 17,221 crore | ₹18.4 → ₹246.8 lakh crore | Explosive growth |
| NEFT | 262.2 → 926.8 crore | ₹232.9 → ₹432.8 lakh crore | Strong growth |
| RTGS | 14.8 → 29.5 crore | ₹1,388.7 → ₹1,938.2 lakh crore | High-value transactions |
| IMPS | 238.3 → 593.8 crore | ₹21.8 → ₹70.7 lakh crore | Growing |
| Credit Card | 208.7 → 447.2 crore | ₹7.1 → ₹20.4 lakh crore | Moderate growth |
| Debit Card | 495.3 → 173.8 crore | ₹6.83 → ₹5.15 lakh crore | Decline |
| BBPS | 12.6 → 217.5 crore | ₹0.2 → ₹7.7 lakh crore | Fast growth |
| PPIs | 516.2 → 698.9 crore | ₹2.23 lakh crore (stable) | Volume rise only |
Updated - October 23, 2025 06:53 pm | The Hindu