According to a note released by the International Monetary Fund (IMF), India has emerged as the global leader in fast payments, with UPI processing over Rs 24.03 lakh crore in payments across 18.39 billion transactions in June.
Key Highlights
- UPI processed 18.39 billion transactions worth ₹24.03 lakh crore, marking a 32% annual increase.
- India now handles ~50% of global real‑time payments, with 491 million users, 65 million merchants, 675 banks.
In June last year, 13.88 billion UPI transactions were completed, compared to 18.39 billion in the same period this year, representing a sharp 32% year-on-year (YoY) increase. According to the report, UPI now accounts for 85 percent of all digital transactions in India and nearly half of all real-time digital payments worldwide. It now processes more than 640 million transactions per day, outpacing global giants such as Visa, which processes around 639 million transactions per day.
This achievement is especially significant given that UPI reached this level in just nine years. The platform currently serves 491 million individuals and 65 million merchants, connecting 675 banks via a single system. It has played a significant role in promoting financial inclusion by enabling people across the country, particularly in rural and small-town areas, to easily and affordably access digital financial services.
The IMF report emphasizes how India's success is the result of years of digital preparation and a strong vision for using technology to promote inclusive growth. UPI, which began as a payment system, has since become a global benchmark for public digital infrastructure.
UPI's impact is not limited to India. It is already available in seven countries: the UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, and Mauritius. Its launch in France marks its entry into Europe, allowing Indians who travel or live there to make payments seamlessly.
Also Read: IMF: UPI Drives India to World's Fastest Payment System
India is also advocating for UPI to be adopted as a payment standard by the BRICS group, which recently welcomed six new members. If accepted, this could make cross-border payments faster, cheaper, and more secure, reinforcing India's position as a global digital leader, according to the report.
The National Payments Corporation of India (NPCI) launched UPI in 2016 to make digital payments simple, fast, and accessible. Users can pay merchants, transfer money to friends, and manage their bank accounts with a few taps on their mobile phone, regardless of the bank they use. Its convenience and speed have made it a popular choice for both individuals and businesses.
