Digital Payments in India Surge by 11.1% YoY: RBI Report
India`s digital payments recorded an 11.1% year-on-year (YoY) growth as of September 2024, according to the Reserve Bank of India (RBI). The RBI Digital Payments Index (RBI-DPI) rose to 465.33, up from 445.5 in March 2024, driven by improvements in payment infrastructure and performance.
The Unified Payments Interface (UPI) has played a pivotal role in this surge, with its share in digital transactions increasing from 34% in 2019 to 83% in 2024. The volume of UPI transactions skyrocketed from 375 crore in 2018 to 17,221 crore in 2024, while the total transaction value surged from ₹5.86 lakh crore to ₹246.83 lakh crore in the same period.
The RBI highlighted that other payment methods like RTGS, NEFT, IMPS, credit, and debit cards saw a decline in market share from 66% to 17%. The rapid growth of UPI underscores India`s shift towards a cashless economy.
