UPI QR Codes Climb to 657.9 Million in FY25, Credit Card Growth Slows
Unified Payments Interface (UPI) maintains its stranglehold on digital payments in India, with UPI QRs logging a massive 91.5 per cent growth in FY 2024-25 at 657.9 million, as per latest Reserve Bank of India (RBI) statistics. This spike is the largest growth in digital payment infrastructure anywhere in the nation.
The expansion comes in the backdrop of a significant slowing in the use of traditional card-based transactions. Credit card transaction growth fell to 7.94 per cent year-on-year, while debit card additions increased marginally by 2.7 percent to 991 million.
UPI digital payment adoption is being fueled by the growing rollout of QR codes by platforms such as Google Pay, Paytm, and PhonePe. Banks also keeping going live on the UPI network, reaching 668 as of April, officials anticipate this will further increase transaction volumes and values.
UPI transactions scaled a record Rs 24.77 lakh crore in March 2025 alone, a 25 percent rise in the value of transactions and a 36 per cent boost in volume over the previous year's corresponding month.
UPI contribution to total digital payment volume in India increased from 73.4 per cent in FY23 to 79.7 per cent in FY24. Only five years ago in FY20, UPI share was at 36.8 per cent, which marks the platform's soaring rise.
The RBI is proactively supporting this digital transition through efforts like the 'Har Payment Digital' campaign, which seeks to create countrywide awareness of digital payments. The central bank has also provided flexibility in updating UPI transaction limits for physical merchant payments, giving the NPCI the ability to modify thresholds according to consumer requirements while maintaining strong safeguards.
With this consistent momentum, UPI is still redefining the boundaries of digital financial inclusion in India.
