UPI Propels India to Top Spot in Global Real-Time Payments: IMF
- UPI processed Rs 24.03 lakh crore via 18.39 billion transactions in June 2024 a 32% YoY rise.
- India now accounts for nearly 50% of the world’s real-time digital payments, surpassing Visa in daily transaction volume.
- UPI is live in 7 countries and may soon become a BRICS payment standard, boosting cross-border digital trade.
India has officially emerged as the global leader in real-time payments, with the Unified Payments Interface (UPI) processing a staggering Rs 24.03 lakh crore across 18.39 billion transactions in June 2024, according to a recent note by the International Monetary Fund (IMF). This marks a 32 percent year-on-year (YoY) growth compared to June 2023, when 13.88 billion UPI transactions were recorded.
UPI, which currently powers 85 percent of all digital transactions in India, now contributes to nearly 50 percent of the world’s real-time digital payments. With over 640 million transactions handled daily, it has surpassed global giants such as Visa, which processes about 639 million transactions per day.
Launched in 2016 by the National Payments Corporation of India (NPCI), UPI has achieved this milestone in just nine years. The platform currently caters to 491 million individuals and 65 million merchants, connecting 675 banks through a single interoperable system.
UPI’s rise has significantly promoted financial inclusion across the country. Its easy-to-use and affordable interface has enabled millions, especially from rural and small-town India, to access digital financial services. The IMF highlighted that India’s success is rooted in years of digital groundwork and a clear vision of leveraging technology for inclusive economic growth.
Initially designed as a simple payment mechanism, UPI has now evolved into a global model for public digital infrastructure. It is live in seven countries the UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, and Mauritius. Its recent launch in France marks its entry into Europe, allowing Indian travelers and residents to make seamless payments abroad.
Furthermore, India is pushing for UPI to be adopted as a standard within the BRICS group, which has recently expanded its membership. If implemented, this could revolutionize cross-border payments by making them faster, cheaper, and more secure.
UPI’s unparalleled speed, convenience, and accessibility continue to redefine the global digital payment landscape, cementing India’s position as a global digital pioneer.
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