ACI Worldwide’s comparison shows India leading with about 129.3 billion real-time transactions, representing the 49% global share. Other notable markets include Brazil (37.4 billion, 14%), Thailand (20.4 billion, 8%) and China (17.2 billion, 6%). Taken together, the total global real-time transaction volume was estimated at 266.2 billion in the report.
Policy measures boosting merchant adoption
India’s digital payments growth has been supported by targeted policy measures from the Government, the Reserve Bank of India (RBI) and the National Payments Corporation of India (NPCI). Key interventions include the Payments Infrastructure Development Fund (PIDF), which subsidises deployment of digital acceptance infrastructure (POS terminals and QR codes) in tier-3 to tier-6 centres, and incentive schemes to promote low-value BHIM-UPI transactions for consumers and merchants.
As of 31 October 2025, PIDF-backed deployments reached approximately 5.45 crore digital touchpoints in underserved towns, according to the government’s Lok Sabha response. Additionally, in FY 2024–25 about 56.86 crore QR codes were deployed, reaching roughly 6.5 crore merchants evidence of deepening acceptance infrastructure across the country.
RuPay, public services and sector-wide adoption
Authorities have also pursued the deepening of digital transactions through the combined expansion of RuPay and UPI across public services, transport, and e-commerce platforms. Integration with government payments, subsidies and everyday services helps drive both volume and frequency of transactions on interoperable rails.
Inclusion, competition and resilience
Policymakers say the PIDF approach and merchant incentives aim to reduce frictions for small traders and extend formal financial access. Wider acceptance points, lower costs of acceptance and user incentives contribute to competitive payment markets while strengthening resilience through multiple rails cards, UPI, and wallets working in parallel.
Implications for business and consumers
The scale of UPI matters for businesses, financial institutions and policymakers. For merchants, widespread acceptance simplifies reconciliation and lowers cash-handling costs. For consumers, ubiquitous real-time payments expand convenience and financial inclusion. At the macro level, robust digital payments infrastructure supports transparency in transactions and can complement monetary policy transmission and financial stability objectives.
Challenges and focus areas
Despite rapid growth, observers note challenges around cybersecurity, dispute resolution, merchant onboarding costs and ensuring reliable low-cost connectivity in remote areas. Continued emphasis on grievance redressal, standard operating procedures for fraud prevention, and periodic reviews of incentive structures will be important to maintain trust as transaction volumes scale.
Official source and next steps
The figures and program details were provided by Minister of State for Finance Shri Pankaj Chaudhary in a written reply to Lok Sabha. The government plans to continue supporting acceptance infrastructure, deepen RuPay-UPI linkages and refine incentive schemes to sustain inclusive growth of digital payments.