Unified Payments Interface (UPI) has once again reinforced India’s global leadership in digital payments. According to the International Monetary Fund (IMF) report titled “Growing Retail Digital Payments (The Value of Interoperability)” published in June 2025, UPI is the world’s largest retail fast-payment system (FPS) in terms of transaction volume.
Additionally, the ACI Worldwide ‘Prime Time for Real-Time’ 2024 report confirms that UPI accounts for a remarkable 49% share of all global real-time payment transactions, significantly outperforming other major platforms worldwide.
This information was shared by Minister of State for Finance Shri Pankaj Chaudhary in a written reply in the Lok Sabha.
India Leads Global Real-Time Payments: Comparative Snapshot
The ACI Worldwide report provides a comparative overview of global real-time payment systems, highlighting UPI’s unparalleled scale and efficiency.
UPI’s Global Position
| Country | Transaction Volume (in Billions) | Global Share |
|---|---|---|
| India (UPI) | 129.3 | 49% |
| Brazil | 37.4 | 14% |
| Thailand | 20.4 | 8% |
| China | 17.2 | 6% |
| South Korea | 9.1 | 3% |
| Others | 52.8 | 20% |
| Total | 266.2 | 100% |
UPI’s near-half share of global real-time transactions underscores its robustness, interoperability, and widespread adoption across urban and rural India.
Government and RBI Interventions Driving Digital Inclusion
To accelerate the adoption of digital payments—particularly among small-scale merchants—the Government, RBI, and NPCI have launched targeted initiatives, including:
1. BHIM-UPI Incentive Scheme
Designed to promote low-value digital transactions and encourage first-time users.
2. Payments Infrastructure Development Fund (PIDF)
Providing grants to banks and fintech firms for deploying digital payment infrastructure such as POS terminals and QR codes in Tier 3 to Tier 6 cities.
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5.45 crore digital touchpoints deployed under PIDF as of 31 October 2025
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56.86 crore QR codes deployed to 6.5 crore merchants across India in FY 2024–25
These interventions significantly enhance digital penetration, ease of doing business, and financial inclusion.
Expanding RuPay and UPI Across Public Services
The Government, RBI, and NPCI have undertaken nationwide efforts to deepen the use of RuPay cards and Unified Payments Interface in:
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Public service platforms
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Transportation networks
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E-commerce ecosystems
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Utility payments
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Retail and MSME sectors
This expansion ensures seamless digital transactions for citizens across multiple interfaces.
Conclusion
India’s leadership in global digital payments is the result of sustained innovation, robust public digital infrastructure, and coordinated institutional efforts. With Unified Payments Interface commanding the largest share of real-time payment transactions worldwide, India’s digital economy continues to expand rapidly while setting global standards for interoperability, accessibility, and financial inclusion.
The continued rollout of PIDF infrastructure, merchant incentives, and RuPay-UPI integration positions India to further strengthen its status as the world’s foremost digital payments powerhouse.
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Source: PIB
