India’s digital payments ecosystem concluded 2025 on a strong footing, with transaction volumes and values climbing to their highest levels of the year in December. Data from payment systems indicate that platforms such as the Unified Payments Interface (UPI) and FASTag were the primary drivers
The International Monetary Fund identified UPI as the world’s largest fast-payment system by transaction volume in a report titled "Growing Retail Digital Payments (The Value of Interoperability)." Another study, released by ACI Worldwide earlier this year, estimated that UPI alone accounts for nearly half of