UPI Hits 85.5% of India's Payment Volume as Debit Cards Collapse 67%
RBI's H2 2025 report shows UPI processed 12,191 crore transactions—77.6 crore daily—now 8x its H1 2021 base. Debit card volumes have cratered 67% since 2021, while RTGS still commands 68.6% of value. UPI QR is now live across eight countries including France, Singapore and UAE, reshaping how retailers architect checkout.
What happened
RBI's H2 2025 Payment Systems Report shows UPI now drives 85.5% of India's payment volumes with 12,191 crore transactions, while debit card usage fell 67% since
Key facts
- 85.5% share H2 2025
- 77.6 crore daily transactions
- 12,191 crore UPI transactions H2 2025
- 8x growth since H1 2021
- debit card volumes down 67%
- RTGS 68.6% of value
- UPI live in 8 countries
Why this matters
Hunt for tuck-in targets in UPI orchestration, cross-border UPI acceptance (France/Singapore/UAE corridors), and credit-on-UPI underwriting—while divesting or partnering out debit card processing assets before terminal value erodes further.