India tops global fast payments with UPI processing 18 billion transactions monthly

India has emerged as the global leader in fast payments, according to a recent note by the International Monetary Fund, titled Growing Retail Digital Payments: The Value of Interoperability.

- (Economic Times)

At the heart of this transformation is the Unified Payments Interface, better known as UPI.

Launched in 2016 by the National Payments Corporation of India, UPI has changed how people send and receive money in the country.

It brings all your bank accounts together in one mobile app. One can transfer money instantly, pay merchants, or send funds to friends with just a few taps. Its appeal lies in its speed and ease of use.

Today, UPI processes over 18 billion transactions every month in India.

“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. By making payments quick and accessible, UPI has become a powerful tool for financial inclusion,” Press Information Bureau (PIB) said in its backgrounders series on Sunday.