India Tops Global Digital Payments With UPI Processing 18 Bn Transactions Monthly

(MENAFN- KNN India) New Delhi, July 21 (KNN) India has become the world's leader in real-time digital payments, propelled by the rapid adoption and expansion of the Unified Payments Interface (UPI), according to a recent International Monetary Fund (IMF) note titled“Growing Retail Digital Payments: The Value of Interoperability.”

Launched in 2016 by the National Payments Corporation of India (NPCI), UPI has revolutionised the country's payment landscape by enabling instant, seamless transactions between bank accounts via mobile apps.

Its success lies in its simplicity, interoperability, and affordability, transforming India into a digital-first economy.

According to the Press Information Bureau (PIB), UPI now processes over 18 billion transactions each month, handling payments worth more than Rs 24.03 lakh crore in June 2025 alone.

This marks a 32 percent rise in transaction volume compared to June 2024.

UPI currently serves 491 million users and 65 million merchants, connecting 675 banks on a unified platform. It accounts for 85 percent of all digital payments 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 impact of UPI extends well beyond India's borders. The system is currently operational in seven countries-UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, and Mauritius-offering Indian travellers and residents a seamless payment option abroad. Its debut in France marks UPI's first footprint in Europe.

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.

(KNN Bureau)

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