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Updated: May 09, 2025 08:35
India's digital payments ecosystem is being revolutionized, with Unified Payments Interface (UPI) QR codes leading record growth in FY25. The Reserve Bank of India reports that the number of UPI QR codes jumped 91.5% year-on-year to a record 657.9 million as of March 2025. This explosive growth is being powered by the massive adoption of apps such as Google Pay, Paytm, and PhonePe, making digital payments more convenient than ever.
Key takeaways
UPI QR infrastructure now commands India's digital payment space, commanding almost 80% of the total transactions for FY24 compared to 73.4% in the prior year. As recently as 2020, UPI controlled only 36.8%, underscoring its astronomical increase.
The total number of live banks on UPI increased to 668 until April 2025, thereby increasing the availability and worth of digital transactions throughout the country.
UPI transaction value reached an all-time high of Rs 24.77 lakh crore in March 2025, a 25% value increase and a 36% volume increase over the corresponding period of last year.
Credit card transaction growth, on the other hand, slowed down to only 7.94% year-on-year, reflecting shifting consumer attitudes and the impact of tighter RBI rules to manage credit risk and control delinquencies.
Debit card growth remained modest, with only a 2.7% increase to 991 million cards, indicating a plateau as more users shift to UPI for everyday payments.
The RBI’s ongoing “Har Payment Digital” campaign and flexible transaction limits for UPI in-person merchant payments are further accelerating digital adoption and convenience.
As UPI QR codes now constitute the spine of India's digital payments ecosystem, India is fast pacing towards a cashless economy. Not only are consumer trends undergoing a change with this, but India is also becoming a real-time digital payments global leader.
Sources: NDTV, Business Standard, Bharat Express, Siasat, Economic Times Government, Business Today
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