UPI handles 85% of India's payment volumes but just 9.5% of value; RTGS rules at 68.6%
RBI's H2 CY2025 Payments System Report shows UPI dominating retail-scale transactions while RTGS carries the bulk of payment value. UPI volumes grew at 55.8% CAGR, displacing debit cards which contracted at -24.4% CAGR. Total system volume hit 26,819 crore transactions.
What happened
RBI's Payments System Report shows UPI handled 85.5% of India's payment volumes but only 9.5% of value in H2 CY2025, while RTGS dominated value at 68.6%. UPI's
Key facts
- UPI 85.5% volume
- UPI 9.5% value
- RTGS 68.6% value
- UPI CAGR 55.8% volume
- Debit cards -24.4% CAGR
- Total volume 26,819 crore CY2025
Why this matters
Debit card rails contracting at -24.4% CAGR signal a closing window to acquire or partner with card-issuer assets at distressed multiples before they become stranded infrastructure.