According to a report by the International Monetary Fund (IMF), India has become the world leader in quick payments after UPI handled over Rs 24.03 lakh crore in payments through 18.39 billion transactions in June. There were 13.88 billion UPI transactions in June of last year compared to 18.39 billion in the same time this year, representing a significant 32% YoY increase. According to the survey, UPI facilitates approximately 50% of all real-time digital payments worldwide and 85% of all digital transactions in India.
Global behemoths like Visa, which process about 639 million transactions a day, have now surpassed by it, handling over 640 million transactions daily. Given that UPI only took nine years to reach this level, this accomplishment is quite noteworthy. Currently, the platform connects 675 banks using a single system, serving 491 million customers and 65 million merchants. It has significantly contributed to the advancement of financial inclusion by making it easier and more affordable for people nationwide, particularly in rural and small-town regions, to use digital financial services.
The IMF report highlights India’s success in digital infrastructure, particularly UPI, a payment system that has become a global benchmark. UPI is already in seven countries and is being advocated for adoption as a payment standard within the BRICS group. Launched in 2016, UPI simplifies digital payments, making them quick, easy, and accessible. Its popularity among individuals and businesses is due to its convenience and speed.
