UPI Hits 85.5% of India's Payment Volume as Debit Cards Collapse 67%
RBI's H2 2025 report shows UPI processed 12,191 crore transactions—77.6 crore daily—now 8x its H1 2021 base. Debit card volumes have cratered 67% since 2021, while RTGS still commands 68.6% of value. UPI QR is now live across eight countries including France, Singapore and UAE, reshaping how retailers architect checkout.
RBI's H2 2025 Payment Systems Report shows UPI now drives 85.5% of India's payment volumes with 12,191 crore transactions, while debit card usage fell 67% since 2021. UPI QR is live in eight countries including France, Singapore, UAE.
Why this matters
Reinforces UPI's volume-vs-value split flagged earlier (85% volume, 9.5% value vs RTGS 68.6%) and extends its global QR footprint following the Vietnam Fast Payment linkage.
Omni-channel steady at 73 signals in 90 days, with checkout architecture shifting toward UPI-first rails.