The rapid advancement of financial technology (Fintech) in India has fundamentally reshaped the transaction landscape, positioning digital payment systems at the core of this transformation. This study offers an in-depth examination of the growth and trends in digital payments over the five-year period from 2018–19 to 2022–23. Relying on official datasets, it analyses both the volume and value of transactions across key payment platforms, namely the Unified Payments Interface (UPI), card-based payments, Immediate Payment Service (IMPS), National Electronic Funds Transfer (NEFT), and Real Time Gross Settlement (RTGS).The study traces year-wise trends, examines shifts in payment mode preferences, and highlights the differential growth trajectories of high-frequency low-value instruments (e.g., UPI) compared with low-frequency high-value instruments (e.g., RTGS). The analysis of digital payment data from 2018–19 to 2022–23 reveals a remarkable transformation in India’s payment ecosystem. The findings highlight a paradigm shift towards UPI-led digital payments, with cards losing relative share and traditional modes like NEFT and RTGS maintaining niche utility for business and high-value settlements. This work contributes to the literature on digital financial literacy and Fintech adoption by establishing empirical evidence on the dynamic transition of payment systems in a developing economy context.