As of June 2024, the digital payments landscape in India continues to exhibit robust growth. The total number of digital payment transactions for the fiscal year 2023-2024 was approximately 2135.20 crore (21.35 billion) as recorded by the DigiDhan Dashboard.
This encompasses various modes of digital payments including UPI, credit and debit cards, and other electronic methods.The Unified Payments Interface (UPI) alone has played a significant role in this growth. In June 2023, UPI processed approximately 9.3 billion transactions, reflecting its increasing adoption for both personal and merchant transactions. This surge is indicative of UPI's dominance in the digital payments ecosystem in India
Overall, the digital payment infrastructure in India is expanding rapidly, with increased usage across both urban and rural areas. This expansion is supported by the growing number of Point of Sale (PoS) terminals and QR codes deployed across the country, further facilitating the convenience and security of digital transactions
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