India has solidified its position as the world’s leading real-time payments ecosystem, with the Unified Payments Interface processing 18.39 billion transactions worth over ₹24.03 lakh crore in June 2025 alone, according to a note released by the International Monetary Fund. This marks a year-on-year transaction volume surge of 32 percent, up from 13.88 billion transactions in June 2024.
The IMF praised India’s rise as the global leader in fast payments, citing that UPI now powers 85 percent of all digital transactions within the country and accounts for nearly half of real-time digital payments worldwide. Averaging over 640 million transactions per day, UPI has surpassed even Visa’s global transaction volumes of approximately 639 million per day.
Developed by the National Payments Corporation of India in 2016, UPI has scaled unprecedented heights in just nine years, now serving 491 million individuals and 65 million merchants, while integrating 675 banks into a single interoperable platform. Its design and execution have played a transformative role in democratizing financial services, particularly in rural and semi-urban regions where UPI has become a driver of digital inclusion.
The IMF attributes this success to India’s long-term digital infrastructure groundwork and strategic policy focus on using technology for inclusive growth. UPI, once a domestic payment system, now functions as a global benchmark in public digital architecture.
UPI’s influence now spans seven countries, including the UAE, Singapore, Bhutan, Nepal, Sri Lanka, France and Mauritius. Its recent launch in France marks India’s first digital payment footprint within Europe, allowing seamless transactions for Indian travelers and residents. India is also advocating for UPI’s adoption as a payment standard across BRICS, a move that could make cross-border payments faster, cheaper and more secure while bolstering India’s leadership in global fintech diplomacy.
The IMF acknowledged UPI’s convenience, speed and accessibility as key enablers of growth. With just a mobile device, users can transfer money, pay vendors or manage bank accounts across institutions—functions that have redefined digital behavior across demographics.
India’s UPI story reflects more than fintech innovation—it represents a paradigm shift in how nations can leverage public digital platforms to strengthen economic resilience, bridge gaps in financial literacy and ensure equitable participation in the digital economy.
