IMF Reports UPI Win Over Visa As World’s Largest Real-Time Payment System

According to an International Monetary Fund report, India’s Unified Payments Interface (UPI). It has finally dethroned these global giants to become the largest real-time payment system in the world. This landmark achievement is a giant leap in India’s digital transformation journey and establishes UPI as a global yardstick for fast, safe, and interoperable payments. IMF Reports UPI Win Over Visa As World’s Largest Real-Time Payment System.

IMF Reports UPI Win Over Visa

In its fintech note Growing Retail Digital Payments: The Value of Interoperability. The IMF notes that UPI is processing over 640 million transactions a day, just above Visa at 639 million. In June alone this year, UPI registered 18.39 billion transactions, amounting to ₹24 lakh crore, at a significant year-on-year growth of 32%. The scale at which this has happened is incredible because UPI started operating just nine years ago in 2016.

Again UPI holds good for 85 percent of the digital payments in India, and 60 percent of the real-time transactions worldwide are powered by UPI. The rest was accomplished through rapid acceptance with this no-cost structure, easy-to-use interface, and seamless interoperability among banks and apps.

Large Global Deployment Strategy
According to the IMF, UPI has its current footprint outside India. The platform is operational across seven countries: France, UAE, Singapore, Bhutan, Nepal, Sri Lanka, and Mauritius. The French would be the first foothold in Europe, where Indian citizens and tourists would make payments without the usual limitations of cross-border transactions.

Additionally, in the backdrop of extending BRICS into a large global platform with six new member countries. India aims to showcase UPI as a standard for the newly expanded group. Therefore, if the UICI is accepted, it could increase remittances, enhance financial inclusion. And give India a better standing in the technologically digital finance.

World’s Largest Real-Time Payment System

UPI’s phenomenal rise can be contributed to a few main points, one being open architecture. UPI, which has been developed by the National Payments Corporation of India (NPCI), is all banks and various fintech apps under a common umbrella. Users can choose their app and do seamless transactions across different providers.

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