IMF says, India becomes global leader in fast payments as UPI records 18.39 billion transactions in June this year

International Monetary Fund (IMF) says, India leads the world in fast payments with Unified Payments Interface (UPI) recording 18.39 billion transactions worth over 24.03 lakh crore rupees in June this year. According to a recent IMF note titled ‘Growing Retail Digital Payments: The Value of Interoperability’, UPI has revolutionized India’s payment ecosystem, processing over 18 billion transactions monthly.
 
Akashvani’s correspondent reports that launched in 2016 by the National Payments Corporation of India, UPI has revolutionised the country’s payment ecosystem by enabling users to link multiple bank accounts to a single mobile app and make instant transactions with ease, IMF said. It has not only simplified peer-to-peer payments but also enabled millions of small businesses to accept digital payments at minimal cost.
 
According to government data, UPI now processes over 18 billion transactions every month, accounting for 85 per cent of India’s total digital payments. In June alone, the platform recorded 18.39 billion transactions worth 24.03 lakh crore rupees, a 32 per cent increase from June last year. With 491 million users and 65 million merchants onboard, UPI connects 675 banks through a single digital framework. 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.