How India's UPI Is Revolutionising Global Digital Payments, Explained Simply

India's Unified Payments Interface (UPI) is transforming the way the world views digital payments. In a recent report titled "Growing Retail Digital Payments: The Value of Interoperability," the International Monetary Fund (IMF) declared India the global leader in fast payments, a title largely credited to the success of UPI.

From Local Innovation to Global Impact

Launched in 2016 by the National Payments Corporation of India (NPCI), UPI enables users to transfer money instantly, 24x7, using any mobile app linked to their bank accounts. With its ease of use, zero transaction fees, and real-time processing, UPI now handles over 18 billion monthly transactions, worth more than Rs 24 lakh crore. It connects 675 banks, serving 491 million individuals and 65 million merchants.

In June 2025 alone, UPI recorded a 32% year-on-year transaction growth, further cementing its role in India's shift from a cash-based to a digital-first economy.

Leading the World in Real-Time Payments

UPI has now overtaken Visa in daily global transactions, handling 640 million payments per day. According to IMF report, it powers nearly 50% of all real-time digital payments worldwide, highlighting the strength of India's open and interoperable payment infrastructure.

UPI is already operational in seven countries, including France, Singapore, and the UAE. Its expansion to Europe via France marks a significant step in global adoption.

Built on a Strong Digital Foundation

UPI's success is underpinned by decades of groundwork-banking inclusion via Jan Dhan Yojana, digital identity through Aadhaar, and widespread internet access supported by low-cost data and 5G rollout.

India's UPI model is now setting the standard for real-time digital payments globally, blending technology, accessibility, and trust to revolutionise the way the world moves money.

Key Takeaways

• IMF notes that India is the global leader in fast payments.
• 24 lakh crore processed via 18.39 billion UPI transactions in June 2025.
• UPI Powers 85% of India's digital payments and nearly 50% globally.
• UPI handles 640+ million transactions daily, ahead of Visa.