India's UPI Leads Global Real-Time Payments Revolution

India has become the front-runner in fast payments with its Unified Payments Interface (UPI) system, handling over 18 billion monthly transactions. Launched in 2016, UPI accounts for 85% of India's digital transactions, supporting 491 million users. Its recent global expansion positions India as a leader in digital finance.

In a remarkable shift, India has taken the global lead in fast payments, according to the International Monetary Fund's recent note on retail digital payments. Central to this transformation is the Unified Payments Interface (UPI), introduced in 2016 by the National Payments Corporation of India. UPI has revolutionized monetary transactions in the nation.

Seamlessly integrating all bank accounts into one mobile app, UPI allows users to transfer funds, pay merchants, and send money to friends with ease and speed. Today, the platform processes over 18 billion transactions monthly, symbolizing a massive shift from cash and card-based payments toward a digital-first economy.

With UPI serving 491 million users and 65 million merchants while connecting 675 banks, it now forms 85% of all digital transactions in India and powers half of the global real-time digital payments. Its success has propelled it beyond national borders into seven countries, establishing India as a leader in global digital finance.

(With inputs from agencies.)