India is racing toward a cashless future, powered by groundbreaking digital innovations like UPI. Finance Minister Nirmala Sitharaman recently highlighted this transformation, noting that digital payments are now the norm with over Rs 70,000 crore worth of daily UPI transactions and a staggering 59.6 crore transactions processed in a single day. Over the last 11 years, India’s push toward a digital economy has not only simplified transactions for citizens but also boosted business confidence, marking a decade of real change.
The numbers tell an undeniable story. In May alone, UPI processed 18.68 billion transactions, a 33% jump from the previous year. The transaction value rose to Rs 25.14 lakh crore, reflecting a thriving digital ecosystem. With an average of 602 million daily transactions and Rs 81,106 crore exchanged each day, UPI has cemented its place as India’s preferred payment method.
UPI’s dominance continues to grow, accounting for 83.7% of India’s digital payment volume in 2024-25—up from 79.7% the year before. The RBI’s annual report reveals an impressive 185.8 billion UPI transactions last fiscal year, a 41% surge, with the value skyrocketing to Rs 261 lakh crore. As India solidifies its position as a global leader in digital innovation, UPI remains the driving force behind this cashless revolution.