India becomes global leader in fast payments as UPI processed 18.39 billion transactions in June

New Delhi, July 20 (IANS) India has emerged as the global leader in fast payments, as UPI processed over Rs 24.03 lakh crore in payments through 18.39 billion transactions in June, according to a note by the International Monetary Fund (IMF) on Sunday. 

In June last year, 13.88 billion UPI transactions were done while 18.39 billion in the same period this year, marking a sharp 32 per cent year-on-year (YoY) growth.

Today, UPI powers 85 per cent of all digital transactions in India and nearly 50 per cent of all real-time digital payments across the world, as per the report.

It now handles more than 640 million transactions daily, surpassing global giants like Visa, which processes around 639 million transactions per day.

This achievement is especially significant considering UPI reached this scale in just nine years.

The platform currently serves 491 million individuals and 65 million merchants, connecting 675 banks through a single system.

It has played a major role in promoting financial inclusion, helping people across the country -- especially in rural and small-town areas -- access digital financial services with ease and affordability.

The IMF report highlights how India's success is the result of years of digital groundwork and a strong vision to use technology for inclusive growth.

UPI, which started as a payment system, has now become a global benchmark in public digital infrastructure.

UPI's impact is not just limited to India. It is already live in seven countries, including the UAE, Singapore, Bhutan, Nepal, Sri Lanka, France and Mauritius.

Its launch in France marks its entry into Europe, enabling Indians travelling or living there to make payments seamlessly.

India is also advocating for UPI to be adopted as a payment standard within the BRICS group, which recently added six new member countries.

If accepted, this could make cross-border payments faster, cheaper and more secure, further strengthening India's position as a global digital leader, the report stated.

Launched in 2016 by the National Payments Corporation of India (NPCI), UPI has made digital payments simple, fast and accessible.

With just a few taps on a mobile phone, users can pay merchants, transfer money to friends, or handle their bank accounts -- regardless of which bank they use.

Its convenience and speed have made it a popular choice among individuals and businesses alike.

--IANS

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