In terms of volume, the payment transactions grew from 3,248 crore in Calendar Year (CY) 2019 to 20,849 crore in CY 2024. In terms of value, from ₹1,775 lakh crore to ₹2,830 lakh crore during this period according to Payments Systems Report, a bi-annual publication released by the Reserve Bank of India (RBI) on Thursday (October 23, 2025).
In the Half Year (HY) ending June 2025, transaction volume was 12,549 crore, amounting to ₹1,572 lakh crore. Almost all of the growth in payments was attributable to digital payment transactions.
“In CY 2019, digital payments accounted for approximately 96.7% of the total payment transactions by volume and 95.5% by value,” as per the report.
By CY 2024, these figures had risen to 99.7% in terms of volume and 97.5% in terms of value. This trend continued in H1 of 2025, with digital payments comprising 99.8% of volume and 97.7% of value.
Unified Payment Interface (UPI) has become the most widely used retail Fast Payment System (FPS) in India because of its efficiency, round the clock availability, and ease of use. The volume of UPI transactions has increased significantly from 1,079 crore transactions in CY 2019 to 17,221 crore transactions in CY 2024. The total value of transactions grew from ₹18.4 lakh crore in CY 2019 to ₹246.8 lakh crore in CY 2024.
In H1 of CY 2025, the volume of UPI transactions stood at 10,637 crore amounting to ₹143.3 lakh crore in value. The lower average ticket size of UPI transactions indicates that UPI is used mainly for small value transactions.
“Digital Payments in India have grown exponentially in the last decade. During this period, digital transactions have increased 38 times in volume terms and more than three times in value terms,” the RBI said.
“The CAGR for the decade ending 2024 was 52.5% in terms of volume and 13% in terms of value. In the last five years alone, digital payments in India have increased 6.6 times in volume and 1.6 times in value,” RBI added. “This amounts to a five-year CAGR of 46% in terms of volume and 10% in terms of value,” the RBI said.
During the period CY 2019 to CY 2024, NEFT transactions more than tripled in terms of volume, from 262.2 crore to 926.8 crore. However, during the same period, in terms of value, they grew from ₹232.9 lakh crore to ₹432.8 lakh crore.
In H1 of CY 2025, NEFT has already processed 490.5 crore transactions, amounting to ₹237.0 lakh crore, indicating sustained growth and widespread adoption.
Large value payment system RTGS transactions volume grew from 14.8 crore in CY 2019 to 29.5 crore in CY 2024, while transaction value increased from ₹1388.7 lakh crore to ₹1938.2 lakh crore during this period.
In CY 2025, by H1 alone, RTGS recorded 16.1 crore transactions amounting to ₹1,079.2 lakh crore, indicating sustained growth and usage. As per RBI data credit card transaction volumes increased from 208.7 crore in 2019 to 447.2 crore in 2024, while value rose from ₹7.1 lakh crore to ₹20.4 lakh crore. In H1 of 2025, 266.3 crore transactions amounting to ₹11.1 lakh crore were recorded.
Transactions in debit cards have witnessed a decline since 2019, both in volume and value. In volume terms, debit card transactions declined from 495.32 crore in CY 2019 to 173.80 crore in CY 2024, while in value terms, they declined from ₹6.83 lakh crore to ₹5.15 lakh crore during this period.
In H1 of 2025, debit cards recorded 69.09 crore transactions valued at ₹2.22 lakh crore. While Prepaid Payment Instrument (PPI) transaction volume rose from 516.2 crore in CY 2019 to 698.9 crore in CY 2024, transaction value remained almost at the same level of ₹2.23 lakh crore during this period.
During H1 of 2025, PPIs recorded transaction volume of 404.7 crore and value of ₹1.23 lakh crore. PPI issuance fell from 190 crore (175.5 crore wallets and 14.5 crore cards) in June 2020 to 135.2 crore (86.8 crore wallets and 48.4 crore cards) in June 2025.
The growth of Bharat Bill Payments System (BBPS) has been remarkable, with transaction volume rising from 12.6 crore in CY 2019 to 217.5 crore in CY 2024.
Transaction value surged 41 times, from ₹0.2 lakh crore to ₹7.7 lakh crore during the same period. In H1 of 2025 alone, BBPS recorded a transaction volume of 149 crore and a value of ₹ 6.95 lakh crore. The number of billers also expanded significantly, from 134 in June 2019 to 22,378 in June 2025.
The National Electronic Toll Collection (NETC) infrastructure has expanded rapidly. The number of toll plazas onboarded increased from 505 in June 2019 to 1,782 in June 2025. FASTag issuance grew from 52 lakh to 11.11 crore during the same period.
The usage of national automated clearing house NACH has grown significantly in recent years. The volume of transactions increased from 324.7 crore in CY 2019 to 677.1 crore in CY 2024.
Transaction value rose from ₹16.6 lakh crore to ₹42.2 lakh crore during the same period. In the first half of 2025 alone, NACH processed 358.8 crore transactions amounting to ₹24.47 lakh crore. Notably, NACH Credit transactions consistently outpace NACH Debit transactions, reflecting the platform’s prominent role in bulk disbursements.
The Immediate Payment Service (IMPS) is another FPS in India, enabling real-time settlement of transactions. The individual transaction limit under IMPS is ₹5 lakh across all channels, except for SMS and IVR.
IMPS transactions have shown significant growth, with volume doubling from 238.3 crore in CY 2019 to 593.8 crore in CY 2024. More notably, the total transaction value tripled during the same period from ₹21.8 lakh crore to ₹70.7 lakh crore. In H1 of CY 2025, IMPS recorded 267.2 crore transactions amounting to ₹37.1 lakh crore.
Clearing Corporation of India Limited (CCIL) operated LVPS include Government Securities Market, Forex Clearing, and Rupee Derivative Markets.
In recent years, the CCIL transactions have observed an increasing trend. In terms of volume, they increased from 35 lakh in CY 2019 to 45 lakh in CY 2024, while, in terms of value, they increased from ₹1270 lakh crore to ₹2,780 lakh crore during this period.
