Digital payments to hit 617.3 bn in volume, Rs 907.3 trn value by FY2030

Transaction volumes have increased by 37 per cent to 206 billion, while value has jumped 30 per cent to Rs 299.9 trillion from FY24 to FY25

The digital payments ecosystem has experienced significant growth, with transaction volume increasing by 37 per cent to 206 billion and value by 30 per cent to Rs 299.9 trillion year-on-year (Y-o-Y) from FY24 to FY25. The increase has been driven by factors that are expected to continue playing a key role, including new technologies, expanded use cases within existing payment modes, supportive government regulations, rising smartphone and internet penetration, and expansion beyond urban and metro areas. According to PwC’s 'The Indian Payments Handbook 2025-2030', between FY25 and FY30, digital payment volumes and values are likely to touch 617.3 billion and Rs 907.3 trillion. One of the biggest drivers is the use of UPI for P2P and P2M transactions and increasing adoption in Tier-2 cities and beyond. As of August 2025, the UPI ecosystem encompasses 688 banks, serving 491 million individuals and 65 million merchants, making it one of the world’s largest real-time payment systems in terms of volume.