Nearly 4 out of 5 digital transactions via UPI, says RBI annual report

Nearly four out of five digital payments in the country were conducted on the Unified Payments Interface (UPI) in financial year 2024 (FY24), according to the Reserve Bank of India’s (RBI) annual report.

UPI’s share, compared to the cumulative volume of digital payments in the country, has grown 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.

UPI has emerged as one of the most popular methods to transact digitally over the past few years.