According to a latest update from the Reserve Bank of India (RBI), the payments ecosystem in India has witnessed remarkable growth in recent years. In terms of volume, the payment transactions grew from 3,248 crore in CY 2019 to 20,849 crore in CY 2024, and, in terms of value, from Rs 1,775 lakh crore to Rs 2,830 lakh crore during this period. In the HY ending June 2025 transaction volume was 12,549 crore, amounting to Rs 1,572 lakh crore. RBI further noted that Digital Payments in India have grown exponentially in the last decade. During this period, digital transactions have increased 38 times in volume terms and more than three times in value terms. The CAGR for the decade ending 2024 was 52.5% in terms of volume and 13% in terms of value. In the last five years alone, digital payments in India have increased 6.6 times in volume and 1.6 times in value. This amounts to a five-year CAGR of 46% in terms of volume and 10% in terms of value.
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