New Delhi, July 21 — India has cemented its position as a global leader in fast digital payments, with the Unified Payments Interface (UPI) processing a record ₹24.03 lakh crore through 18.39 billion transactions in June 2025, according to a report released by the International Monetary Fund (IMF) on Sunday.
The IMF highlighted UPI’s extraordinary growth trajectory, noting a 32% year-on-year (YoY) surge from 13.88 billion transactions in June 2024. Currently, UPI accounts for 85% of all digital transactions in India and contributes nearly 50% of the world’s real-time digital payments.
With over 640 million transactions processed daily, UPI has now overtaken global players like Visa, which processes around 639 million daily transactions — a significant milestone for a system launched just nine years ago.
The platform now serves 491 million users and 65 million merchants, and connects 675 banks under a single digital framework. This scale of inclusion and connectivity, the IMF noted, underscores India’s digital prowess and the success of its long-term technology infrastructure strategy.
Crucially, UPI has been a game-changer for financial inclusion, bringing digital banking and transaction access to rural and semi-urban populations at minimal cost.
“India’s success is the result of sustained investment in public digital infrastructure and a clear vision to leverage technology for inclusive growth,” the IMF report observed.
UPI’s reach is no longer confined to Indian borders. It is now operational in seven other countries — including Singapore, UAE, Bhutan, Nepal, Sri Lanka, France, and Mauritius. The platform’s launch in France marks its formal entry into Europe, providing seamless payment options for Indian travelers and NRIs.
India is also actively advocating for UPI’s integration as a standard payment mechanism among BRICS nations, a move that could revolutionize cross-border transactions by making them faster, cheaper, and more secure.
Introduced in 2016 by the National Payments Corporation of India (NPCI), UPI has simplified money transfers and everyday transactions, enabling users to send money, pay bills, or manage bank accounts via mobile apps — regardless of the bank they use.
With its growing international footprint and transformative role in India’s digital economy, UPI has become a global benchmark for public digital infrastructure, setting the stage for the next era of interconnected financial ecosystems.
