Synopsis: The International Monetary Fund (IMF) has officially listed India’s UPI as the world’s largest and most successful real-time retail payment system by transaction volume.
In Parliament, the government revealed that UPI leads globally with a massive 49% share of worldwide real-time digital payments.
India’s digital payments ecosystem has received yet another global endorsement. The International Monetary Fund (IMF) has acknowledged the Unified Payments Interface (UPI) as the world’s largest retail fast-payment system in terms of transaction volume. This recognition was highlighted in the IMF’s report titled “Growing Retail Digital Payments (The Value of Interoperability)” published in June 2025.
The information was shared in the Lok Sabha by Minister of State for Finance Pankaj Chaudhary, who confirmed that the IMF’s report places UPI at the top of global real-time payment systems, cementing India’s position as a leader in digital innovation.
Supporting this recognition, the ACI Worldwide ‘Prime Time for Real-Time 2024’ report also positioned UPI at No. 1 with a 49% global market share and a massive 129.3 billion transactions. This puts India far ahead of other nations:
- Brazil ranks second with 14% market share and 37.4 billion transactions.
- Thailand stands third with 8% market share and 20.4 billion transactions.
- China holds fourth place with 6% market share and 17.2 billion transactions.
Initiatives to Support Digital Payments Growth
Minister Chaudhary explained that the government, Reserve Bank of India (RBI), and the National Payments Corporation of India (NPCI) have undertaken several measures to accelerate digital payment adoption, particularly among small and rural merchants.
Key initiatives include:
- BHIM-UPI incentive schemes to promote low-value transactions
- Payments Infrastructure Development Fund (PIDF) to support fintechs and banks in deploying POS machines and QR codes in tier-3 to tier-6 centres
As of October 31, 2025, around 5.45 crore digital touchpoints have been set up through PIDF in these regions. Additionally, by FY 2024–25, approximately 56.86 crore QR codes were deployed to 6.5 crore merchants nationwide.
The government, RBI, and NPCI are also expanding the reach of UPI and RuPay across sectors such as public services, transportation, and e-commerce, aiming to deepen digital financial inclusion across India.
India’s rapid rise in digital payments, led by UPI, continues to serve as a global benchmark—showcasing the power of interoperability, real-time processing, and accessible digital infrastructure.
Disclaimer: This article is intended for informational purposes only. Data and statements are based on official reports and government inputs. Readers should independently verify details before drawing conclusions.
