UPI Surpasses Visa in Daily Transactions as India Tops Global Fast Payment Rankings: IMF

In a significant global milestone, India has cemented its position as the world leader in fast payment systems, with its homegrown Unified Payments Interface (UPI) processing a record 18.39 billion transactions in June alone, amounting to ₹24.03 lakh crore, according to a report released by the International Monetary Fund (IMF) on Sunday.

"India becomes global leader in fast payments as UPI processes 18.39 billion transactions in June: International Monetary Fund (IMF)"

UPI Records 32% YoY Growth, Surpassing Global Giants

Compared to June last year, when UPI handled 13.88 billion transactions, the platform has seen a remarkable 32% year-on-year growth. The exponential rise demonstrates the platform’s scalability, efficiency, and growing trust among users.

"It now handles more than 640 million transactions daily, surpassing global giants like Visa, which processes around 639 million transactions per day."

UPI Dominates India’s Digital Payment Landscape

Massive Reach Across Consumers and Merchants

"Currently, UPI powers 85 per cent of all digital transactions in India and nearly 50 per cent of all real-time digital payments globally."

UPI has grown into a digital infrastructure powerhouse, now serving over 491 million individuals and 65 million merchants across the country. This vast network is supported by 675 interconnected banks via a single platform, ensuring seamless interoperability and reach.

Fueling Financial Inclusion in Rural India

One of UPI's biggest achievements has been its role in enhancing financial inclusion, especially in rural and semi-urban areas. With just a smartphone and a basic internet connection, users from the remotest corners of India can access banking services — a feat that took traditional banking decades to achieve.

"It has played a major role in promoting financial inclusion by enabling people across the country — especially in rural and small-town areas — to access digital financial services easily and affordably."

A Global Model in Public Digital Infrastructure

UPI’s International Expansion

"UPI is already live in seven countries, including the UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, and Mauritius."

With successful rollouts across seven countries, UPI is no longer just an Indian phenomenon. The launch in France marks its entry into the European payment ecosystem, allowing Indian tourists and NRIs to make payments with ease.

"Its launch in France marks its formal entry into Europe, enabling Indians traveling or residing there to make seamless payments."

BRICS Push for Cross-Border UPI Integration

India is now championing UPI as a standardized cross-border payment solution within the BRICS alliance, which recently added six new countries. This strategic move could help streamline global remittances, make international transactions cheaper, and enhance financial security.

"India is also pushing for UPI to be adopted as a standard payment system within the BRICS group... further solidifying India’s position as a global digital leader, the report said."

From Pilot to Powerhouse: UPI’s Journey Since 2016

"Launched in 2016 by the National Payments Corporation of India (NPCI), UPI has revolutionized digital payments by making them simple, fast, and accessible."

From a modest payment solution to one of the world's most robust digital ecosystems, UPI has fundamentally transformed how Indians transact. The platform allows users to send money, pay bills, and manage accounts with just a few taps on a smartphone — irrespective of the bank.

Its growth trajectory — reaching this scale in under nine years — is not just impressive but unparalleled globally.

Preferred by Individuals and Businesses

"Its convenience and speed have made it the preferred choice for individuals and businesses alike."

Whether for personal transfers, e-commerce payments, or offline merchant transactions, UPI has become the go-to payment mode for a diverse population, from urban millennials to rural farmers and street vendors.

Conclusion

India’s success story with UPI is a testament to the power of visionary digital policies, public-private collaboration, and a commitment to inclusive growth. The IMF report affirms what the world has already begun to acknowledge — India is leading the global digital payment revolution.