India’s digital payments ecosystem is experiencing rapid growth, with the Reserve Bank of India’s (RBI) Digital Payments Index (RBI-DPI) increasing by 11.1% year-on-year. The index has shown consistent upward progress since its introduction in 2021.The rise of the Unified Payments Interface (UPI) has been a key driver of this growth.
UPI’s share of total digital transactions has soared from 34% in 2019 to 83% by 2024. The volume of UPI transactions has skyrocketed from 375 crore to 17,221 crore during the same period. The RBI is committed to sustaining this growth by improving accessibility and consumer trust. Initiatives are being explored to create more user-friendly interfaces and secure experiences for all demographic groups.