India has emerged as a global leader in fast payments, with the Unified Payments Interface (UPI) processing over ₹24.03 lakh crore through 18.39 billion transactions in June, the International Monetary Fund (IMF) said on Sunday.
In June last year, UPI had recorded 13.88 billion transactions. The rise to 18.39 billion this year marks a sharp 32 per cent year-on-year (YoY) growth.
Currently, UPI powers 85 per cent of all digital transactions in India and nearly 50 per cent of all real-time digital payments globally, the report noted.
It now handles more than 640 million transactions daily, surpassing global giants like Visa, which processes around 639 million transactions per day.
This achievement is especially significant considering UPI reached this scale in just nine years.
The platform currently serves 491 million individuals and 65 million merchants, connecting 675 banks through a single unified system.
It has played a major role in promoting financial inclusion by enabling people across the country — especially in rural and small-town areas — to access digital financial services easily and affordably.
The IMF report highlights that India’s success is the result of years of digital groundwork and a strong vision to leverage technology for inclusive growth.
UPI, which began as a payment system, has now become a global benchmark in public digital infrastructure.
Its impact is no longer limited to India. UPI is already live in seven countries, including the UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, and Mauritius.
Its launch in France marks its formal entry into Europe, enabling Indians traveling or residing there to make seamless payments.
India is also pushing for UPI to be adopted as a standard payment system within the BRICS group, which recently added six new member countries.
If accepted, this move could make cross-border payments faster, cheaper, and more secure — further solidifying India’s position as a global digital leader, the report said.
Launched in 2016 by the National Payments Corporation of India (NPCI), UPI has revolutionized digital payments by making them simple, fast, and accessible.
With just a few taps on a mobile phone, users can pay merchants, transfer money to friends, or manage their bank accounts — regardless of which bank they use.
Its convenience and speed have made it the preferred choice for individuals and businesses alike.
IANS