In financial year 2024, the share of Bharat Interface for Money app that uses Unified Payments Interface (BHIM UPI) was the highest compared to other payment systems in India at over 67 percent. UPI is an instant real-time payment system developed by the National Payments Corporation of India and facilitates inter-bank transactions.
There are a variety of ways to transfer money in today's banking environment. Right from cash based systems to card-based and mobile payments, India has developed a broad network of payment systems.
Share of payment systems across India in financial year 2024, by volume
Note: RTGS denotes real time gross settlement systems; paper clearing denotes all the paper-based payment systems such as checks and cash; NEFT denotes the national electronic funds transfer system maintained by the Reserve Bank of India; UPI denotes unified payments interface; PPI denotes the prepaid payment instruments such as vouchers and mobile wallets; NACH denotes the national automated clearing house to help bulk and repetitive transactions through banks; IMPS denotes immediate payment services as instant inter-bank transfers.
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MeitY (India). (January 2, 2024). Share of payment systems across India in financial year 2024, by volume [Graph]. In Statista. Retrieved November 10, 2024, from https://www.statista.com/statistics/1028157/india-payment-systems-share-by-volume/
MeitY (India). "Share of payment systems across India in financial year 2024, by volume." Chart. January 2, 2024. Statista. Accessed November 10, 2024. https://www.statista.com/statistics/1028157/india-payment-systems-share-by-volume/
MeitY (India). (2024). Share of payment systems across India in financial year 2024, by volume. Statista. Statista Inc.. Accessed: November 10, 2024. https://www.statista.com/statistics/1028157/india-payment-systems-share-by-volume/
MeitY (India). "Share of Payment Systems across India in Financial Year 2024, by Volume." Statista, Statista Inc., 2 Jan 2024, https://www.statista.com/statistics/1028157/india-payment-systems-share-by-volume/
MeitY (India), Share of payment systems across India in financial year 2024, by volume Statista, https://www.statista.com/statistics/1028157/india-payment-systems-share-by-volume/ (last visited November 10, 2024)
Share of payment systems across India in financial year 2024, by volume [Graph], MeitY (India), January 2, 2024. [Online]. Available: https://www.statista.com/statistics/1028157/india-payment-systems-share-by-volume/
