In financial year 2024, almost 164 billion digital payments were recorded across India. This was a significant increase compared to the previous three years.
Variety of digital payments
The total value of digital payments included large-scale interbank payments, such as Real Time Gross Settlement (RTGS) or National Electronic Funds Transfer (NEFT), as well as payments used by individuals, such as credit and debit cards. India’s mobile payment system, Unified Payments Interface (UPI), recorded strong gains, both in numbers and in value, since 2015. Thereby, it comes as no surprise that international key players, such as Google Pay or Amazon Pay, entered the market. Nevertheless, the most used app in 2021 was domestic app PhonePe.
COVID-19 effects
Since the beginning of the COVID-19 pandemic in India the number of digital payment transactions continued to grow. This was also true for the various methods of credit and debit transfers, including mobile payments through UPI. Nevertheless, the value of card payments and of large value credit transfers, such as RTGS, decreased considerably in financial year 2021.
Total number of digital payments across India from financial year 2018 to 2024
(in billions)
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Reserve Bank of India. (June 3, 2024). Total number of digital payments across India from financial year 2018 to 2024 (in billions) [Graph]. In Statista. Retrieved June 05, 2025, from https://www.statista.com/statistics/1251321/india-total-volume-of-digital-payments/
Reserve Bank of India. "Total number of digital payments across India from financial year 2018 to 2024 (in billions)." Chart. June 3, 2024. Statista. Accessed June 05, 2025. https://www.statista.com/statistics/1251321/india-total-volume-of-digital-payments/
Reserve Bank of India. (2024). Total number of digital payments across India from financial year 2018 to 2024 (in billions). Statista. Statista Inc.. Accessed: June 05, 2025. https://www.statista.com/statistics/1251321/india-total-volume-of-digital-payments/
Reserve Bank of India. "Total Number of Digital Payments across India from Financial Year 2018 to 2024 (in Billions)." Statista, Statista Inc., 3 Jun 2024, https://www.statista.com/statistics/1251321/india-total-volume-of-digital-payments/
Reserve Bank of India, Total number of digital payments across India from financial year 2018 to 2024 (in billions) Statista, https://www.statista.com/statistics/1251321/india-total-volume-of-digital-payments/ (last visited June 05, 2025)
Total number of digital payments across India from financial year 2018 to 2024 (in billions) [Graph], Reserve Bank of India, June 3, 2024. [Online]. Available: https://www.statista.com/statistics/1251321/india-total-volume-of-digital-payments/
