India Tops the World in Real-Time Digital Payments

Thanks to the groundbreaking Unified Payments Interface (UPI), India has emerged as the global leader in real-time digital payments. The International Monetary Fund (IMF) highlights this achievement in its note, emphasizing the role of interoperability in growing retail digital payments.

The Rise of UPI

Launched in 2016 by the National Payments Corporation of India, UPI has transformed the payment landscape. It allows users to link multiple bank accounts to a single mobile app, facilitating instant transactions with unparalleled ease.

Impact on Small Businesses and Digital Payments

UPI has not only simplified peer-to-peer payments but also enabled millions of small businesses to accept digital payments at minimal cost. With over 18 billion transactions monthly, UPI accounts for 85% of India's digital payments.

Global Expansion and Future Prospects

UPI's global footprint is expanding, now operational in seven countries, including France, marking its European debut. India is also advocating for UPI adoption within the BRICS nations to enhance remittances and financial inclusion.

Foundation of Financial Inclusion

The success of UPI is built on initiatives like the Jan Dhan Yojana, which has brought millions into the formal banking system, fostering a culture of saving and digital financial habits.