Retail digital payments soar 100-fold in 12 years; 83% via UPI

Retail digital payments have surged from 162 crore transactions in 2013 to over 16,416 crore transactions in 2024, marking a nearly 100-fold increase over the past 12 years, according to the latest payments system report by the Reserve Bank. This growth can largely be attributed to the success of UPI, which now accounts for 83% of total digital payments in 2024, up from 34% in 2019.