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Homechevron_rightTechnologychevron_rightIndia tops globally in...

India tops globally in fast payments as UPI processes 18.39 billion transactions in June: IMF

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India tops globally in fast payments as UPI processes 18.39 billion transactions in June: IMF
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New Delhi: India has become the global leader in fast payments, with the Unified Payments Interface (UPI) recording 18.39 billion transactions worth over ₹24.03 lakh crore in June 2024, according to a note released by the International Monetary Fund (IMF) on Sunday.

This marks a sharp 32 per cent year-on-year growth, up from 13.88 billion transactions recorded in June last year. UPI now accounts for 85 per cent of all digital transactions in India and nearly 50 per cent of real-time digital payments worldwide.

With over 640 million transactions processed daily, UPI has surpassed even global players like Visa, which handles around 639 million transactions per day. This milestone is especially notable considering UPI has achieved this scale in just nine years since its launch in 2016 by the National Payments Corporation of India (NPCI).

Currently, UPI serves 491 million users and 65 million merchants, linking 675 banks through a unified system. It has been instrumental in driving financial inclusion, especially in rural and semi-urban areas, by providing easy and affordable access to digital financial services.

The IMF report highlights that India’s success is rooted in years of strategic digital groundwork and a strong vision for using technology to promote inclusive economic growth. What began as a domestic payment system has now become a global model for public digital infrastructure.

UPI is already operational in seven countries, the UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, and Mauritius. Its entry into France marks the beginning of its European expansion, allowing Indian residents and travelers to make seamless payments abroad.

India is also pushing for UPI to be recognized as a payment standard within the BRICS group, which recently expanded its membership. If adopted, UPI could significantly improve the speed, cost, and security of cross-border payments, further strengthening India's global digital footprint.

UPI’s ease of use, allowing users to pay merchants, send money, and manage bank accounts with just a few taps on a mobile device, has made it widely popular among individuals and businesses alike.

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TAGS:India UPI IMF fast payments 
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