UPI & Payments

Covers all RBI-tracked digital payment channels: NEFT, RTGS, IMPS, UPI, debit/credit cards, mobile banking. Total digital transactions by volume grew from 976 crore in FY2014 to 18,737 crore in FY2024 — a ×19 increase. UPI alone now accounts for >50% of all digital transaction volume. Cash-to-GDP ratio declined from ~12% in 2016 to ~9% by 2024, though demonetisation (2016) disrupts comparisons.

FY2025-26 figure (~₹314 lakh crore) is provisional and extrapolated from NPCI monthly releases. Exact annual total to be confirmed upon official NPCI year-end publication.

UPI is India's own interoperable real-time payments stack, built on the Aadhaar/DPI infrastructure. Now handles >40% of global real-time payment transactions. Built and operated by NPCI (a non-profit infrastructure body) with RBI oversight. The baseline (FY2016-17) is from UPI's first full year of operation.