New Delhi, May 19 -- India's digital payments ecosystem is becoming increasingly concentrated around the Unified Payments Interface (UPI), with the real-time payments platform now accounting for 85.5% of the country's total payment transaction volumes, according to the Reserve Bank of India's latest Payment Systems Report.

The report highlights how India's payment infrastructure is undergoing a structural transformation, with digital payment systems rapidly displacing paper-based transactions, reshaping consumer payment behaviour, and reinforcing the country's position as one of the world's largest real-time payments markets.

According to the RBI, digital payment transaction volumes in India have expanded 33 times over the past decade, ...