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Mumbai: UPI QR Code recorded the fastest growth in digital payments infrastructure in the financial year 2024-25, which has increased by 91.5 percent to 657.9 million as compared to the previous financial year, according to the latest RBI's latest data.

With the increase in UPI QR code, the growth rate of credit card transactions declined by 7.94 percent year-on-year, while the increase in debit cards recorded only 2.7 percent increase, which increased to 991 million. The number of UPI QR code is increasing with increasing deployment by platforms like Google Pay, Paytm and PhonePe.

The number of banks live on UPI is steadily increasing and their number reached 668 in April, which is expected to increase the price of such transactions according to bank officials. In March, UPI transactions transacted a record of Rs 24.77 lakh crore, which shows a 25 percent increase in price and 36 percent in the price compared to the previous year. Also read – UPI services stalled across the country, NPCI cited 'technical problems' UPI has become a major method of digital transactions in India.

According to the annual report of the Reserve Bank of India, in the financial year 2024 (FY24), four of the five digital payments in the country were made at Unified Payments Interface (UPI). In comparison to the cumulative amount of digital payments in the country, UPI has increased from 73.4 percent to 79.7 percent in FY 23 in FY 23. UPI's stake was estimated at 36.8 percent in FY 2020 compared to total digital payments in India.

RBI is actively promoting digital payments through various initiatives, including the “every payment digital” campaign, which aims to make every person aware of digital payments in India.

The RBI UPI also gives flexibility in modifying the limit of transactions for in-commerce merchant payments, allowing NPCI to adjust the limit based on user needs, as well as safety measures that have made more convenient payment method.