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In recent years, India’s payments ecosystem has grown remarkably. According to RBI’s Payment Systems Report, June 2025, the value of payment transactions increased from Rs 1,775 lakh crore to Rs 2,830 lakh crore during this time, and the number of payment transactions increased from Rs 3,248 crore in CY 2019 to Rs 20,849 crore in CY 2024.

In terms of volume, Unified Payment Interface (UPI) accounted for 84.8% of India’s digital payment share in the first half of 2025. NEFT and IMPS were in second and third, respectively, with 3.9% and 2.1%. Nonetheless, UPS has a 9% share in terms of value.

On the other side, the Real Time Gross Settlement (RTGS) system had the lowest proportion of 0.1% in terms of volume during this time, but the biggest share of 69% in terms of value.

With a minimum transaction size of Rs 2 lakh, RTGS, a big value payment system also known as a wholesale payment system, contributes more to the total transaction value but records fewer transactions than other payment systems.

The transaction volume for the fiscal year that ended in June 2025 was 12,549 crore, or Rs 1,572 lakh crore. In the nation’s payment sector, digital payments now account for about 99.8% of volume and 97.7% of value.

The value of the Government Securities (G-Sec) market increased significantly from Rs 769 lakh crore in CY 2019 to Rs 1,812 lakh crore in CY 2024. Additionally, the number of transactions rose from 13.76 lakh in 2019 to 17.6 lakh in 2024. 9.85 lakh transactions of Rs 994 lakh crore have been executed in H1 2025.

Large value and high-priority payments, including money market, securities market, and interbank settlements involving banks and other financial institutions, are made possible via the Large Value Payment Systems (LVPS), sometimes known as wholesale payment systems. Real Time Gross Settlement (RTGS), a system run by the RBI, and Clearing Corporation of India Limited (CCIL) are examples of LVPS in India.