UPI accounted for 86 percent of India's retail payment volumes in FY26, up from 73.6 percent in FY23. CareEdge Advisory documented the shift in its annual digital payments assessment published April 7. Digital payments represented 93 percent of total payment value in the first nine months of the fiscal year.

The average UPI transaction value stood at INR 1,298 in January 2026. Debit cards and prepaid payment instruments are declining as UPI substitutes for low-value daily transactions across India.