India’s UPI Surpasses Visa to Become World’s Top Real-Time Payment System: IMF Report
India’s UPI surpasses Visa to become the world’s top real-time payment system, handling 640M daily transactions and expanding to 7 countries, says IMF.
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In a major milestone for India’s fintech revolution, the Unified Payments Interface (UPI) has overtaken Visa to become the world’s leading real-time payment system, according to a recent IMF report titled “Growing Retail Digital Payments: The Value of Interoperability.”
UPI Tops Global Charts
The International Monetary Fund (IMF) noted that UPI now handles over 640 million daily transactions, slightly ahead of Visa’s 639 million. In June 2025 alone, UPI processed 18.39 billion transactions worth ₹24 lakh crore, marking a 32% year-on-year growth from June 2024.
Currently, UPI accounts for:
- 85% of India’s digital payments
- Nearly 60% of global real-time transactions
The IMF emphasized the significance of this feat, achieved within just nine years of UPI’s launch.
How UPI Works
UPI is a mobile-based real-time payment system that enables instant money transfers between bank accounts. It is built on the Immediate Payment Service (IMPS) infrastructure and consolidates multiple bank accounts into a single app. Key features include:
- Peer-to-peer and merchant payments
- Bill payments and fund transfers
- QR code-based and contactless transactions
Global Expansion
UPI’s influence is no longer limited to India. The IMF report highlighted UPI's growing international footprint, stating it is now live in seven countries, including:
- UAE
- Singapore
- Bhutan
- Nepal
- Sri Lanka
- France
- Mauritius
UPI’s launch in France marked its first step into Europe, enabling Indian travellers and residents to transact seamlessly abroad.
Push for BRICS and Beyond
India is actively advocating for UPI’s integration within the BRICS bloc, now expanded to include six new member nations. The IMF noted that this move could:
- Enhance cross-border remittances
- Promote financial inclusion
- Strengthen India’s position as a global leader in digital payments
UPI's Open Ecosystem Advantage
The report credits UPI’s rapid success to its open ecosystem, managed by the National Payments Corporation of India (NPCI). It connects banks and fintech apps on a unified platform, offering users the freedom to choose their preferred payment app and encouraging healthy competition among providers for improved features and security.
Conclusion:
India’s UPI has not only transformed domestic digital payments but is now redefining the global payment landscape—emerging as a powerful symbol of innovation, scalability, and financial inclusivity.
