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Sign in to searchSmall value retail digital payments on the rise: RBI report
The article highlights the rapid rise of small-value retail digital payments in India, as reported by the Reserve Bank of India (RBI) in its Report on Trend and Progress of Banking in India, 2024–25. During 2024–25, digital payments grew by 17.9% in value terms and now account for 97.6% of total payments in the country. In contrast, paper-based instruments such as cheques declined further, forming only 2.4% of total payments.
In volume terms, digital payments registered a much sharper growth of 35%, reflecting increasing adoption of digital modes for everyday, low-value transactions. This trend is also evident in the declining average value of retail digital payments, which fell from ₹4,382 in 2023–24 to ₹3,830 in 2024–25, indicating deeper penetration among small merchants and consumers.
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RBI report reveals small-value digital payments surging 35% in volume, with UPI leading retail transactions and cheques declining to 2.4% of payments.
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