Digital payments have seen the main push for the first allocular first posting 2020, as the Common Payment Interface (UPI) has experienced an explosive increase, transforming the landscape of digital payments in India. From 2020 to 2024, UPI witnessed dramatic stretching, December 20, December 2024 from 16.73 billion transactions, reaching more than 651%.
However, with UPI, which continues to stay free for merchants, the participants of the ecosystem are more and more asking for small charges for such transactions. Cash that was expected to use the use of use, touched all the time, despite the increase in digital transactions. The penetration of digital payments remains a concern.
In order to make sure, the digital payment product is widened to ECS (electronic cleaning service), and NEFT, RTGS, Literature Rupay Credit Cards. (PPI), UPI and more.
Although these features have been innovative solutions to UPI ecosystem, there is doubt on the top of UPI above. For example, six years after the first proposed, the Reserve Bank of the New Indian Organization (Nue) continues to be burdened. The scheme imagined to introduce the opponent to the National Corporation of India (NPCI), which was headed by the UPI platform, but so far no increase in any growth of growth has failed.
There is a lot of framework to deepen digital payments in the country and expand. In January 2025, according to RBI data, in Digital Modes, there were more than 20 billion payments in India. However, the surveys show that almost 40 percent of Indian adult population still do not yet use digital payments due to lack of awareness or acquaintance, being digital payments.
Also during internal payments, UPI success helped India to lead the leadership, according to the volume of cross-border payments, and 48.5 percent. Although India is the largest recipient of personal transfers in 2024 by receiving about $ 130 billion in remittances, expanding expansion is effective for facilitating cross-border payments.
Originally declared the purpose of the demonnetization, which is also reduced to cash-related transparency through digital transactions, then the year of circulation in March.
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There are also concerns that UPI growth itself can be stopped, as service providers find a business model to build an UPI merchant discount rate (MDR). MDR pays payment merchants to banks to support digital payments.
“The reality is that the growth of UPI has now slowed down 20-25 percent. Digital payments are not completely angry.
Earlier this month, the union’s cabinet confirmed the extension of 1,500 rubles to promote Bhim-upi (P2M) transactions, which amount to 2000 AMD. However, the payment industry believes that the government’s stimulus for UPI can be sufficient for UPI to raise concerns over the resistance of UPI ecosystem.
