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New Delhi: India has emerged as a global leader in fast payments, a transformation highlighted in the International Monetary Fund’s recent note, ‘Growing Retail Digital Payments: The Value of Interoperability.’
At the core of this transformation is the Unified Payments Interface (UPI)—a groundbreaking system launched in 2016 by the National Payments Corporation of India (NPCI). UPI has revolutionised the way Indians send and receive money, making digital transactions seamless, instant and widely accessible.
UPI allows users to link multiple bank accounts to a single mobile app, enabling quick money transfers, merchant payments and peer-to-peer transactions with just a few taps. Its popularity lies in its speed, convenience and simplicity. Today, UPI processes over 18 billion transactions every month, reshaping India’s payment landscape.
From Cash to Clicks: Driving a digital economy
UPI has played a critical role in steering India away from cash and card-based payments towards a digital-first economy.
Millions of individuals and small businesses across the country now rely on UPI for secure, low-cost transactions. More than a payment tool, UPI has become a powerful instrument for financial inclusion, empowering even those in remote areas to participate in the digital economy.
India’s success in real-time payments is the result of years of strategic digital planning and a vision to leverage technology for inclusive growth. UPI stands today as a global benchmark for innovation in public digital infrastructure.
UPI in Numbers: A snapshot of growth
The scale and impact of UPI are nothing short of extraordinary.
In June 2025 alone, UPI facilitated over Rs 24.03 lakh crore worth of payments across 18.39 billion transactions—a 32 per cent increase from the 13.88 billion transactions recorded in the same month last year.
Currently, UPI serves:
– 491 million individuals
– 65 million merchants
– 675 banks on a unified platform
It now accounts for an impressive 85 per cent of all digital transactions in India, and nearly 50 per cent of all real-time digital payments globally. These numbers reflect more than volume, they symbolise trust, efficiency and accessibility. With each passing month, more users are choosing UPI, bringing India closer to becoming a cashless economy.
Global Impact: UPI surpasses visa
India’s UPI has not only transformed domestic payments but also claimed the top spot globally in real-time transactions.
It now processes over 640 million transactions daily, surpassing Visa’s 639 million. Achieving this scale in just nine years highlights the efficiency and potential of an open, interoperable payment system.
UPI’s success story is also going global.
The platform is already live in seven countries: UAE, Singapore, Bhutan, Nepal, Sri Lanka, France and Mauritius. Its launch in France marks a significant milestone—UPI’s first footprint in Europe, enabling Indian travellers and residents to make seamless payments abroad.
India is also advocating for UPI’s adoption among BRICS nations, which recently expanded to include six new members. Such a move could enhance cross-border remittances, promote financial inclusion, and further solidify India’s standing as a global digital payments leader.
The power of interoperability
A key driver of UPI’s success is interoperability—the ability for different banks, apps and systems to work seamlessly together. Before UPI, digital payments in India were confined to closed-loop systems, where transfers could only occur within the same platform or wallet. IMPS allowed interbank transfers, but not through third-party apps.
UPI changed the game by creating a common infrastructure that connects banks and fintech apps. Today, users can make payments from any UPI-enabled app to any recipient, regardless of the app or bank they use — a true example of interoperability in action.
This openness brings two major advantages:
Freedom of choice: Users can select their preferred app based on features, ease of use, and trust.
Healthy competition: Service providers compete to offer better features, enhanced security, and user experiences.
As a result, UPI has quickly become an integral part of India’s everyday life.
Everyday Impact: UPI in daily life
UPI has made digital payments a part of routine life for millions. Its practical benefits are transforming how people interact with money:
24×7 instant transfers: No need to visit banks or wait in lines — send and receive money anytime, anywhere.
Unified banking: Link multiple bank accounts to a single app for easier money management.
Fast and secure: With two-step authentication, transactions are swift and secure.
Privacy-first: No need to share sensitive account details — a simple UPI ID suffices.
QR code convenience: Paying at stores or vendors is as easy as scanning a code.
No more COD hassles: Online shopping becomes smoother without worrying about exact change.
Pay everything digitally: From bills and donations to mobile recharges — all done from one app.
Quick support: Payment issues can be reported directly within the app, simplifying customer service.
A digital blueprint for the world
UPI has not only revolutionised payments in India but also set a global example of what public digital infrastructure can achieve.
Its interoperability, scalability, and inclusive design have made it a template for real-time payment systems worldwide. As it expands internationally and integrates with more platforms, UPI continues to redefine the future of digital finance, placing India firmly at the forefront of the global fintech landscape.
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