New Delhi, April 10 -- India's digital payment ecosystem has transformed in the past few years, with the Unified Payments Interface (UPI) emerging as the most preferred way of payment. According to a report by omni-channel payment processing platform, Phi Commerce, UPI transactions accounted for a commanding 65% of all digital payment volumes in 2024.







Payments via equated monthly instalment (EMI) options comprised 20% of the transaction volume in 2024, while credit cards accounted for 10%. Traditional payment methods like net banking and direct transfers were reduced to just 5% of the total volume, as per the analysis, which was based on digital transactions across 20,000 merchants through Phi Commerce's payment gateway.

The repor...