India’s digital payments ecosystem continues to expand rapidly, with the Unified Payments Interface (UPI) handling the vast majority of transactions by volume, while the Real Time Gross Settlement (RTGS) system remains dominant in terms of value, according to the Reserve Bank of India’s Payment Systems Report – Half Year Ended June 2025.

“India’s digital payments ecosystem has witnessed impressive growth, driven by increased accessibility, user adoption, and a robust acceptance infrastructure,” the RBI said in the report’s foreword. “The Unified Payments Interface (UPI) has completely transformed digital payments in India and brought about significant enhancements across various payment instruments.”

The central bank’s half-yearly Payment Systems Report shows total payments of 12,549 cro

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