The International Monetary Fund (IMF) note has emphasised that India is making faster payments than any other country in the world because of the massive adoption of Unified Payments Interface (UPI).
IMF in the note remarked that UPI has transformed the digital payments landscape in India. Evidence from the platform suggests that interoperability can improve users’ experience of digital payments and expand overall adoption.
Since its launch in 2016, UPI now processes more than 18 billion transactions per month, according to the note titled ‘Growing Retail Digital Payments: The Value of Interoperability.’ UPI is an instant payments platform built over the Immediate Payment Service (IMPS) infrastructure.
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