New Delhi, April 7 -- India's digital payment infrastructure has entered a phase of deep structural maturity, with the Unified Payments Interface (UPI) now firmly at the core of the country's retail payments architecture, according to a new report by CareEdge.

The report noted, "digital payments now account for 93 per cent of payment value and 99.8 per cent of transaction volume as of 9MFY26."

As per the report, traditional payment instruments such as debit cards and prepaid instruments are currently stable or in decline mode, as Unified Payments Interface (UPI) continues to substitute for low-value transactions across the country.

While UPI maintains a commanding lead in volume, other systems, including NEFT, IMPS, and NACH, remain es...