The Reserve Bank of India (RBI) released its Payments Systems Report for the half-year ending June 2025, highlighting trends across digital and traditional payment systems.
Digital Payments Dominate
In H1 2025, total payment transactions reached 12,549 crore, valued at ₹1,572 lakh crore, with digital payments accounting for nearly all growth. Over the last decade, digital transactions in India have grown 38 times by volume and more than three times by value.
By CY 2024, digital payments comprised 99.7% of transaction volume and 97.5% of value, rising further to 99.8% and 97.7% respectively in H1 2025.
UPI Surges in Popularity
The Unified Payments Interface (UPI) has become India’s most widely used fast payment system.
- Transaction volume rose from 1,079 crore in CY 2019 to 17,221 crore in CY 2024.
- Transaction value grew from ₹18.4 lakh crore to ₹246.8 lakh crore.
- In H1 2025, UPI recorded 10,637 crore transactions worth ₹143.3 lakh crore.
UPI is mainly used for small-value retail payments, reflecting its low average ticket size.
NEFT and RTGS Growth
NEFT volume tripled from 262.2 crore in 2019 to 926.8 crore in 2024, with transaction value rising from ₹232.9 lakh crore to ₹432.8 lakh crore. H1 2025 saw 490.5 crore NEFT transactions worth ₹237 lakh crore.
RTGS transactions, used for large-value transfers, increased from 14.8 crore in 2019 to 29.5 crore in 2024, while transaction value rose from ₹1,388.7 lakh crore to ₹1,938.2 lakh crore. H1 2025 recorded 16.1 crore transactions worth ₹1,079.2 lakh crore.
Card Transactions: Credit Up, Debit Down
Credit card transactions grew steadily: 208.7 crore in 2019 to 447.2 crore in 2024, with value rising from ₹7.1 lakh crore to ₹20.4 lakh crore.
Debit card transactions, however, declined: 495.3 crore in 2019 to 173.8 crore in 2024, valued at ₹6.83 lakh crore down to ₹5.15 lakh crore. H1 2025 recorded 69.1 crore debit card transactions worth ₹2.22 lakh crore.
Prepaid Payment Instruments and Bharat BillPay
Prepaid Payment Instruments (PPIs) increased in volume from 516.2 crore in 2019 to 698.9 crore in 2024, while transaction value stayed around ₹2.23 lakh crore.
Bharat Bill Payments System (BBPS) saw rapid growth, with transaction volume rising from 12.6 crore to 217.5 crore and value surging from ₹0.2 lakh crore to ₹7.7 lakh crore. H1 2025 alone recorded 149 crore transactions worth ₹6.95 lakh crore.
FASTag and Toll Collections
The National Electronic Toll Collection (NETC) system expanded rapidly:
- Toll plazas onboarded rose from 505 in 2019 to 1,782 in 2025.
- FASTag issuance jumped from 52 lakh to 11.11 crore in the same period.
NACH and IMPS Trends
National Automated Clearing House (NACH) transactions grew from 324.7 crore in 2019 to 677.1 crore in 2024, with transaction value increasing from ₹16.6 lakh crore to ₹42.2 lakh crore. H1 2025 recorded 358.8 crore transactions worth ₹24.47 lakh crore, with NACH Credit outpacing NACH Debit.
Immediate Payment Service (IMPS) doubled in volume from 238.3 crore in 2019 to 593.8 crore in 2024, while value tripled from ₹21.8 lakh crore to ₹70.7 lakh crore. H1 2025 saw 267.2 crore IMPS transactions worth ₹37.1 lakh crore.
CCIL Transactions
The Clearing Corporation of India Limited (CCIL) also showed growth:
- Volume rose from 35 lakh in 2019 to 45 lakh in 2024.
Transaction value increased from ₹1,270 lakh crore to ₹2,780 lakh crore.
