According to the Reserve Bank of India’s (RBI) bi-annual Payments Systems Report, overall payment transactions have seen substantial growth. The volume of transactions surged from 3,248 crore in Calendar Year (CY) 2019 to an impressive 20,849 crore in CY 2024. Concurrently, the total value of these transactions increased from ₹1,775 lakh crore to ₹2,830 lakh crore over the same five-year period, as revealed in the report released on Thursday, October 23, 2025.
For the first half of Calendar Year 2025 (HY ending June 2025), a staggering 12,549 crore transactions were processed, totaling ₹1,572 lakh crore. This remarkable expansion in payment activity is almost entirely driven by the rise of digital payment methods.
The report further emphasizes the increasing dominance of digital payments. In CY 2019, digital transactions constituted around 96.7% of total payment volume and 95.5% of total value. By CY 2024, these figures had climbed to 99.7% for volume and 97.5% for value, a trend that persisted into the first half of 2025, with digital payments accounting for 99.8% of volume and 97.7% of value.
The Unified Payment Interface (UPI) has firmly established itself as India’s leading retail Fast Payment System (FPS), thanks to its efficiency, 24/7 availability, and user-friendly design. UPI transaction volume exploded from 1,079 crore in CY 2019 to an astounding 17,221 crore in CY 2024. Similarly, the total transaction value escalated from ₹18.4 lakh crore to ₹246.8 lakh crore during the same period. In the first half of CY 2025 alone, UPI processed 10,637 crore transactions, totaling ₹143.3 lakh crore. The consistently low average ticket size for UPI transactions clearly indicates its primary use for smaller, everyday payments.
The RBI noted that ‘Digital Payments in India have grown exponentially in the last decade.’ Over this period, digital transactions soared by 38 times in volume and more than three times in value. The Compound Annual Growth Rate (CAGR) for the decade ending 2024 stood at 52.5% for volume and 13% for value. Focusing on the last five years alone, digital payments witnessed a 6.6-fold increase in volume and a 1.6-fold rise in value, translating to a five-year CAGR of 46% for volume and 10% for value.
From CY 2019 to CY 2024, NEFT (National Electronic Funds Transfer) transactions experienced a significant surge, more than tripling in volume from 262.2 crore to 926.8 crore. Over the same span, their value expanded from ₹232.9 lakh crore to ₹432.8 lakh crore. The first half of CY 2025 alone saw NEFT processing 490.5 crore transactions, amounting to ₹237.0 lakh crore, underscoring its continued growth and broad acceptance.
The Real-Time Gross Settlement (RTGS) system, designed for large-value payments, also showed robust growth. Transaction volume increased from 14.8 crore in CY 2019 to 29.5 crore in CY 2024, with values rising from ₹1388.7 lakh crore to ₹1938.2 lakh crore. In the first half of CY 2025, RTGS already recorded 16.1 crore transactions worth ₹1,079.2 lakh crore, signifying its consistent utility. Meanwhile, credit card transactions also saw an uptick, with volumes increasing from 208.7 crore in 2019 to 447.2 crore in 2024, and values growing from ₹7.1 lakh crore to ₹20.4 lakh crore. The first half of 2025 registered 266.3 crore credit card transactions, totaling ₹11.1 lakh crore.
In contrast to other payment methods, debit card transactions have been on a downward trend since 2019 in both volume and value. Their volume dropped from 495.32 crore in CY 2019 to 173.80 crore in CY 2024, and their value decreased from ₹6.83 lakh crore to ₹5.15 lakh crore. The first half of 2025 continued this trend, with debit cards accounting for 69.09 crore transactions worth ₹2.22 lakh crore. Prepaid Payment Instrument (PPI) transaction volume, however, increased from 516.2 crore in CY 2019 to 698.9 crore in CY 2024, though its transaction value remained nearly constant at ₹2.23 lakh crore. In H1 2025, PPIs saw 404.7 crore transactions with a value of ₹1.23 lakh crore. Interestingly, the issuance of PPIs declined from 190 crore in June 2020 (comprising 175.5 crore wallets and 14.5 crore cards) to 135.2 crore in June 2025 (86.8 crore wallets and 48.4 crore cards).
The Bharat Bill Payments System (BBPS) demonstrated exceptional growth, with its transaction volume soaring from 12.6 crore in CY 2019 to 217.5 crore in CY 2024. Over the same timeframe, the transaction value experienced an astonishing 41-fold increase, jumping from ₹0.2 lakh crore to ₹7.7 lakh crore. The first half of 2025 alone saw BBPS process 149 crore transactions, valued at ₹6.95 lakh crore. This expansion was supported by a substantial increase in the number of onboarded billers, from 134 in June 2019 to 22,378 by June 2025.
India’s National Electronic Toll Collection (NETC) infrastructure has also seen rapid expansion. The number of toll plazas integrated into the system climbed from 505 in June 2019 to 1,782 by June 2025. Correspondingly, FASTag issuance surged from 52 lakh to 11.11 crore over the identical period, showcasing a strong adoption of electronic toll collection.
The National Automated Clearing House (NACH) has also experienced considerable growth recently. Transaction volumes increased from 324.7 crore in CY 2019 to 677.1 crore in CY 2024. During this period, the transaction value grew from ₹16.6 lakh crore to ₹42.2 lakh crore. In the first half of 2025, NACH handled 358.8 crore transactions, totaling ₹24.47 lakh crore. A notable observation is that NACH Credit transactions consistently exceed NACH Debit transactions, highlighting its critical function in facilitating large-scale disbursements.
The Immediate Payment Service (IMPS), another Fast Payment System in India, allows for real-time transaction settlements. While the individual transaction limit for IMPS is ₹5 lakh across most channels, it is lower for SMS and IVR-based transactions. IMPS has demonstrated robust growth, with transaction volume doubling from 238.3 crore in CY 2019 to 593.8 crore in CY 2024. Even more impressively, the total transaction value tripled during the same timeframe, rising from ₹21.8 lakh crore to ₹70.7 lakh crore. In the first half of CY 2025, IMPS processed 267.2 crore transactions, amounting to ₹37.1 lakh crore.
Finally, the Clearing Corporation of India Limited (CCIL) manages Large Value Payment Systems (LVPS) for segments like the Government Securities Market, Forex Clearing, and Rupee Derivative Markets. CCIL transactions have shown a steady upward trend in recent years. Their volume increased from 35 lakh in CY 2019 to 45 lakh in CY 2024, and their value grew significantly from ₹1,270 lakh crore to ₹2,780 lakh crore during this period, underscoring their crucial role in India’s financial infrastructure.