India’s digital retail payments reached INR 82.6T in April 2025. That is 12% lower than March 2025 (INR 94.3T) and 20% higher than April 2024 (INR 68.8T). NEFT remained the largest payment mode by value, while UPI processed 17.8B transactions, 34% more than a year earlier.
This monthly update from 1Insights market intelligence tracks how India’s non-cash retail payments are moving across NEFT, UPI, CTS and IMPS.
Key takeaways
- India’s digital retail payments fell 12% month-on-month but grew 20% year-on-year, to INR 82.6T.
- NEFT led by value with a 47.2% share, followed by UPI at 29.0%.
- UPI volume grew 34% year on year, faster than its 22% growth in value.
How much did India’s digital retail payments total in April 2025?
India’s digital retail transactions totaled INR 82.6T in April 2025. That is down 12% from INR 94.3T in March 2025 and up 20% from INR 68.8T in April 2024.
Which payment modes led India’s digital payments by value?
NEFT continued to dominate the payment landscape, accounting for 47.2% of all non-cash retail transaction value. UPI, CTS, and IMPS maintained their positions in the digital payment ecosystem. Together, they represent India’s accelerating transition to digital financial transactions.
How did UPI perform in April 2025?
UPI processed 17.8B transactions in April 2025, averaging approximately 596M transactions a day. Volume was down ~3% from 18.3B in March 2025, and value fell from INR 24.7T to INR 23.9T. Compared with April 2024, UPI volume rose 34%, and value rose 22%.
What did SEBI change for UPI payments in capital markets?
SEBI has moved to strengthen transparency and safeguard investor interests. It has mandated that brokers and mutual fund platforms collect investor payments through verified UPI handles [confirm: daily cap of INR 5L per investor]. The directive aims to curb fraudulent transactions and ensure that investments flow through secure, authenticated payment channels.