New Delhi: India has claimed the top spot in global fast digital payments, driven by the phenomenal rise of the Unified Payments Interface (UPI), according to a recent IMF report titled Growing Retail Digital Payments: The Value of Interoperability.
Introduced in 2016 by the National Payments Corporation of India (NPCI), UPI has transformed everyday transactions by enabling instant, secure, and low-cost money transfers via mobile apps. Users can link multiple bank accounts to a single app, making payments seamless and accessible.
As per data from the Press Information Bureau (PIB), UPI now processes over 18 billion transactions each month. In June 2024, it handled Rs 24.03 lakh crore across 18.39 billion transactions, a 32 per cent increase from 13.88 billion transactions in June 2023.
“UPI has propelled India from cash and card-based systems to a digital-first economy,” the PIB stated, adding that the platform plays a key role in promoting financial inclusion, especially among small businesses and individuals.
Today, UPI powers 85 per cent of all digital payments in India, linking 491 million users, 65 million merchants, and 675 banks. Globally, it accounts for nearly 50 per cent of all real-time digital transactions.
UPI’s international reach is growing too. The platform is live in seven countries — the UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, and Mauritius. Its launch in France marks its first European foray, facilitating smoother cross-border payments for Indian travelers and expatriates.
“This growth is not just about numbers — it signals India’s growing trust in digital infrastructure and its progress toward a cashless economy,” the PIB concluded.