- MUMBAI — UPI QR codes have recorded the fastest growth in digital payments
infrastructure in the financial year 2024-25, with a 91.5 per cent jump over
the previous financial year to 657.9 million, according to the latest RBI data.
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- The surge in UPI QR codes was accompanied by a slowdown
in the growth rate of credit card transactions to 7.94 per cent year-on-year,
while debit card additions registered a mere 2.7 per cent growth to 991
million.
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- The growth in the number of UPI QR codes has been accelerating
with the increasing deployment by platforms like Google Pay, Paytm, and
PhonePe.
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- The number of banks going live on UPI continues to
increase, and the total touched 668 in April, which is expected to increase the
value of such transactions, according to bank officials.
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- March saw a record Rs 24.77 lakh crore in UPI
transactions, marking a 25 per cent increase in value and a 36 per cent
increase in volume compared to the previous year.
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- UPI has become the dominant method for digital
transactions in India. Nearly four out of five digital payments in the country
were conducted on the Unified Payments Interface (UPI) in the financial year
2024 (FY24), according to the Reserve Bank of India’s annual report.
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- UPI's share, compared to the cumulative volume of digital
payments in the country, has grown steadily from 73.4 per cent in FY23 to 79.7 per
cent in FY24. In FY20, UPI’s share as compared to the volume of total digital
payments in India was pegged at 36.8 per cent.
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- The RBI is actively promoting digital payments through
various initiatives, including the "Har Payment Digital" campaign,
which aims to make every person in India aware of digital payments.
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