Surges to 83.7% Market Share in FY25, ETCFO
Mumbai, The Unified Funds Interface (UPI) has strengthened its dominance in India’s digital funds system with its share within the whole transaction quantity rising to 83.7 per cent in 2024-25 from 79.7 per cent within the earlier monetary 12 months.
The RBI’s annual report exhibits that UPI facilitated 185.8 billion transactions throughout 2024-25, which represents a 41 per cent year-on-year enhance. In worth phrases, UPI transactions rose to Rs 261 lakh crore from Rs 200 lakh crore in FY24.
“The success of UPI positioned India in a management place with a share of 48.5 per cent in world real-time funds by quantity,” the RBI stated.
Whole digital funds within the nation, together with transactions by means of fee programs, card networks, and pay as you go fee devices (PPIs), grew 35 per cent to 221.9 billion in FY25, from 164.4 billion transactions in FY24. In worth phrases, whole digital funds surged 17.97 per cent to Rs 2,862 lakh crore.
Bank card transactions elevated to 4.7 billion in FY25 from 3.5 billion in FY24, whereas debit card utilization noticed a pointy 29.5 per cent decline, falling to 1.6 billion transactions. The share of digital transactions within the whole quantity of non-cash retail funds stood at 99.9 per cent in FY25 in contrast with 99.8 per cent in FY24.
The RBI additionally stated it stays dedicated to extending UPI to twenty nations by 2028-29. Acceptance of Indian UPI apps by way of QR codes has already been enabled in Bhutan, France, Mauritius, Nepal, Singapore, Sri Lanka, and the UAE, permitting Indian vacationers, college students, and enterprise travellers to make service provider funds utilizing their home UPI apps.
The RBI additionally stated that the whole incidence of fraud circumstances declined, however fraud quantities tripled to Rs 36,014 crore, primarily attributable to surging advances associated to fraud. In distinction, card and web fraud quantity diminished considerably from 29,802 in FY24 to 13,516 in FY25.
–IANS
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