Mumbai, May 6 || UPI QR codes have recorded the fastest growth in digital payments infrastructure in the financial year 2024-25, with a 91.5 per cent jump over the previous financial year to 657.9 million, according to the latest RBI data.
The surge in UPI QR codes was accompanied by a slowdown in the growth rate of credit card transactions to 7.94 per cent year-on-year, while debit card additions registered a mere 2.7 per cent growth to 991 million.
The growth in the number of UPI QR codes has been accelerating with the increasing deployment by platforms like Google Pay, Paytm, and PhonePe.
The number of banks going live on UPI continues to increase, and the total touched 668 in April, which is expected to increase the value of such transactions, according to bank officials.
March saw a record Rs 24.77 lakh crore in UPI transactions, marking a 25 per cent increase in value and a 36 per cent increase in volume compared to the previous year.
UPI has become the dominant method for digital transactions in India. Nearly four out of five digital payments in the country were conducted on the Unified Payments Interface (UPI) in the financial year 2024 (FY24), according to the Reserve Bank of India’s annual report.