Digital payments in India now constitute 97.6 percent of total transaction value, with paper-based instruments like cheques at 2.4 percent, according to a Reserve Bank of India report. Digital transactions saw a 17.9 percent value growth and 35 percent volume growth in 2024-25, driven by platforms like UPI for everyday use and RTGS for high-value transfers. Amid this expansion, the RBI is enhancing governance, security, and efficiency, issuing new regulations for payment aggregators to strengthen oversight.