New Delhi: 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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
It now handles more than 640 million transactions daily, surpassing global giants like Visa, which processes around 639 million transactions per day.<\/p>\n
This achievement is especially significant considering UPI reached this scale in just nine years.<\/p>\n
The platform currently serves 491 million individuals and 65 million merchants, connecting 675 banks through a single system.<\/p>\n
It has played a major role in promoting financial inclusion, helping people across the country \u2014 especially in rural and small-town areas \u2014 access digital financial services with ease and affordability.<\/p>\n
The IMF report highlights how India\u2019s success is the result of years of digital groundwork and a strong vision to use technology for inclusive growth.<\/p>\n
UPI, which started as a payment system, has now become a global benchmark in public digital infrastructure.<\/p>\n
UPI\u2019s 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.<\/p>\n
Its launch in France marks its entry into Europe, enabling Indians travelling or living there to make payments seamlessly.<\/p>\n
India is also advocating for UPI to be adopted as a payment standard within the BRICS group, which recently added six new member countries.<\/p>\n
If accepted, this could make cross-border payments faster, cheaper and more secure, further strengthening India\u2019s position as a global digital leader, the report stated.<\/p>\n
Launched in 2016 by the National Payments Corporation of India (NPCI), UPI has made digital payments simple, fast and accessible.<\/p>\n
With just a few taps on a mobile phone, users can pay merchants, transfer money to friends, or handle their bank accounts \u2014 regardless of which bank they use.<\/p>\n
Its convenience and speed have made it a popular choice among individuals and businesses alike.<\/p>\n
\u2013IANS<\/p>\n","protected":false},"excerpt":{"rendered":"
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