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UPI Dominates India’s Digital Payments in 2024

UPI accounted for 83% of India’s digital payment transactions in 2024, up from 34% in 2019, as per RBI’s report. Other methods like NEFT, RTGS, and card payments dropped to 17% from 66%. UPI Person-to-Merchant (P2M) payments saw a 99%-109% CAGR, outpacing Person-to-Person (P2P) growth. UPI Lite recorded 2.04 million daily transactions by December 2024, with an average ticket size rising to ₹98. Prepaid payment instruments declined by 12.3% in H2 2024.

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