New Delhi, Jan. 28 -- India's digital payments ecosystem has witnessed a dramatic transformation, with the United Payments Interface (UPI) emerging as the cornerstone of financial transactions, according to the latest Reserve Bank of India's Payments System Report.

UPI now commands an overwhelming 83 per cent share of total payment volume in 2024, a substantial increase from 34 per cent in 2019, while traditional payment methods including RTGS, NEFT, IMPS, and card-based transactions have declined to 17 per cent of the market.

The growth trajectory of UPI has been nothing short of remarkable, with transaction volumes soaring from 375 crore in 2018 to 17,221 crore in 2024.

In monetary terms, UPI transactions escalated from Rs 5.86 lakh ...