India tops global fast payments; UPI processing 18 bn transactions monthly

New Delhi, Jul 20: India has emerged as the global leader in fast payments, according to a recent note by the International Monetary Fund titled Growing Retail Digital Payments: The Value of Interoperability.At the heart of this transformation is the Unified Payments Interface, better known as UPI. Launched in 2016 by the National Payments Corporation of India, UPI has changed how people send and receive money in the country.It brings all your bank accounts together in one mobile app. One can transfer money instantly, pay merchants, or send funds to friends with just a few taps. Its appeal lies in its speed and ease of use.Today, UPI processes over 18 billion transactions every month in India. “This shift has taken India away from cash and card-based payments and pushed it towards a digital-first economy. Millions of individuals and small businesses now rely on UPI for safe and low-cost transactions. By making payments quick and accessible, UPI has become a powerful tool for financial inclusion,” Press Information Bureau (PIB) said in its backgrounders series on Sunday.The scale of UPI today is remarkable.In June alone, it handled over Rs 24.03 lakh crore in payments. This was spread across 18.39 billion transactions. Compared to the same month last year, when there were 13.88 billion transactions, the growth is clear. There is an increase of about 32 per cent in just one year.The UPI system now serves 491 million individuals and 65 million merchants. It connects 675 banks on a single platform, allowing people to make payments easily without worrying about which bank they use.Today, UPI accounts for 85 per cent of all digital transactions in India. Its impact goes beyond national borders, powering nearly 50 per cent of global real-time digital payments.”These figures show more than just numbers. They reflect trust, convenience and speed. Every month, more individuals and businesses choose UPI for their payments. This growing use is a strong sign that India is moving steadily towards a cashless economy,” the PIB report read.The success story does not stop at home.UPI is making its presence felt across borders. It is already live in seven countries, including the UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, and Mauritius. Its entry into France is a milestone because it is UPI’s first step into Europe. This allows Indians travelling or living there to pay seamlessly without the usual hassles of foreign transactions.According to the PIB backgrounder, India is also pushing for UPI to become a standard within the BRICS group, which now has six new member nations.”If this happens, it will improve remittances, boost financial inclusion and raise India’s profile as a global tech leader in digital payments,” it said.UPI’s rise as the world’s leading real-time payment system was not an accident. It is the result of years of planning and investment in digital infrastructure.Financial inclusion was the first big step. The Jan Dhan scheme opened bank accounts for millions who had never used formal banking before. As of July 9, over 55.83 crore accounts have been created. These accounts give people direct access to government benefits and a safe place to save money.