UPI's Growth is Slowing Down

The deceleration is raising questions about whether the network can sustain its expansion into India's most underserved geographies.

UPI’s transaction volume growth has more than halved — from 82% in FY2023-24 to 42% in FY2024-25 — and is projected to slow further to 25% this fiscal year, prompting India’s parliamentary finance committee to question whether the world’s largest real-time payments network should continue to depend on government subsidies to stay solvent.