India’s Unified Payments Interface (UPI) has emerged as the world’s most dominant real-time payments system, clocking Rs 260.6 trillion across 185.8 billion transactions in FY25.
With a 59% CAGR in value since FY21, UPI now commands 48.5% of global real-time payment volumes. In FY25 alone, UPI recorded a 41% surge in transaction count and a 30% rise in value, with March 2025 hitting an all-time high of 19.78 billion transactions worth Rs 24.77 trillion.
Driving this growth is a blend of factors: increased smartphone usage, affordable internet, and strong government support, including incentives for feature phone users.
UPI’s adoption spans from street vendors to major e-commerce platforms, and innovations like RuPay credit card linkage have further boosted its reach.
Today, UPI accounts for 83.7% of India’s digital payment volume, with over 85% of person-to-merchant transactions under Rs 500.
International expansion is also underway, with UPI already functional in several countries and plans to extend to 20 nations by FY29. Yet, challenges like cybersecurity threats—including synthetic fraud and deepfakes—persist.
Moving forward, advanced technologies like FaceOff’s MultiModel AI could play a key role in fortifying UPI’s ecosystem, ensuring secure, scalable growth in India and beyond.
See What’s Next in Tech With the Fast Forward Newsletter
Tweets From @varindiamag
Nothing to see here - yet
When they Tweet, their Tweets will show up here.
