India has cemented its position as the global leader in fast digital payments, driven by the unprecedented growth of the Unified Payments Interface (UPI), which now processes over 18 billion transactions per month, according to a recent IMF note titled “Growing Retail Digital Payments: The Value of Interoperability.”
Developed by the National Payments Corporation of India (NPCI) in 2016, UPI has revolutionized the way Indians transfer money, making it instant, secure, and accessible. By enabling users to link multiple bank accounts through a single mobile application, it has dramatically shifted India away from cash and card-based transactions.
The latest data is staggering:
- 18.39 billion transactions in June alone
- Payments worth ₹24.03 lakh crore processed in the same month
- A 32% year-on-year growth, up from 13.88 billion transactions in June 2023
- UPI now serves 491 million individuals and 65 million merchants, with 675 banks connected
The Press Information Bureau (PIB) hailed UPI’s growth as a reflection of “trust, convenience, and speed,” calling it a transformative force for financial inclusion and a key pillar of India’s digital-first economy.
Currently, UPI accounts for 85% of all digital transactions in India and nearly 50% of global real-time digital payments, marking India’s dominance in the global fintech space.
But the impact isn’t limited to Indian borders. UPI is now operational in seven countries—UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, and Mauritius—and its entry into France marks its first step into Europe, enabling smooth transactions for Indians abroad.
India is also pushing for UPI to become a standard within the expanded BRICS bloc, aiming to boost cross-border remittances, advance financial inclusion, and strengthen India’s global tech leadership.
This success is deeply rooted in years of investment in digital infrastructure and inclusive banking. Government initiatives like the Jan Dhan Yojana laid the foundation, opening over 55.83 crore bank accounts as of July 2025, bringing millions into the formal banking system.
The UPI revolution is not just about numbers—it’s about access, empowerment, and India’s growing influence in the digital financial world.
