Debit card usage falls 67% in four years as UPI dominates in India

India's debit card usage has sharply declined over the past four years as consumers shift to UPI, digital wallets, and credit cards, according to RBI data. Debit card transaction volumes fell 67%, from 4.087 billion in 2021 to 1.336 billion in 2025. UPI accounted for 85.5% of total payment transaction volume in H2 2025.