- India leads global fast payments with UPI as the main driver, says IMF
- UPI processes over 18 billion transactions monthly, worth Rs 24.03 lakh crore in June
- UPI serves 491 million users, 65 million merchants, and connects 675 banks
India is now a global leader in fast payments and the Unified Payments Interface (UPI) is the main driver, as per the International Monetary Fund (IMF).
The app-driven tool is the world's most used real-time payment system, handling over 18 billion transactions monthly. In June alone, UPI processed transactions worth Rs 24.03 lakh crore, a 32 per cent rise in transaction volume compared to the same month last year.
Launched in 2016 by the National Payments Corporation of India (NPCI), UPI allows users to link multiple bank accounts to one app and transfer money instantly. Its appeal lies in security and round-the-clock accessibility.
The platform now serves 491 million individuals and 65 million merchants, with 675 banks connected to the system. UPI handles 85 per cent of all digital payments in India and nearly half of all real-time digital transactions across the world.
Why People Choose UPI
Before UPI, payment platforms were mostly "closed-loop", meaning, money could only be sent within the same app or wallet. UPI changed that by allowing users to send money across different banks and apps using a single, common protocol. This interoperability opened up competition and improved services.
Users can make secure transactions via mobile apps with only a UPI ID. No need to share bank details. Features like QR code payments, app-based customer support, and 24x7 access have made UPI convenient even for small, everyday transactions.
For small businesses, UPI offers a zero-cost or low-cost method to accept digital payments, especially useful in rural and semi-urban areas. Its speed and affordability make it accessible for everyone.
UPI dominates Global Payment space!
— MyGovIndia (@mygovindia) July 14, 2025
India's UPI is now the World's 1 real-time payment system. It enables 85% of all digital transactions in India and powers nearly 50% of global digital payments.#UPI #NewIndia #IndianEconomy pic.twitter.com/cqb2j3T3Y1
What Is Behind UPI's Success?
UPI is built on top of a strong national digital infrastructure:
- Jan Dhan Yojana: Over 55.83 crore bank accounts opened to bring citizens into formal banking.
- Aadhaar: Over 142 crore unique IDs issued, enabling secure, digital identity verification.
- 5G and Connectivity: With 4.74 lakh 5G base stations, India's internet access is fast and affordable. Data costs dropped from Rs 308/GB in 2014 to Rs 9.34 by 2022.
- Mobile Penetration: 116 crore subscribers in 2025 provide a wide base for digital adoption.
How UPI Serves Everyday Life
- Send/receive money instantly, 24x7.
- Link all bank accounts in one app.
- No need to carry cash or share sensitive bank info.
- Easy QR code payments for shops, deliveries, services.
- Pay bills, recharge phones, and donate directly from the app.
- Raise complaints or track issues within the app itself.
UPI Goes Global
UPI's influence is no longer confined to India. The platform is now active in seven countries like UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, and Mauritius.
France was UPI's first foray into Europe. India is also lobbying for its inclusion across BRICS nations.
