Daijiworld Media Network - New Delhi

New Delhi, Jul 20: In a remarkable global achievement, India’s Unified Payments Interface (UPI) has officially emerged as the world's number one real-time payment system, overtaking global giants like Visa, according to the International Monetary Fund (IMF) and a government backgrounder.

The IMF, in its recent note titled “Growing Retail Digital Payments: The Value of Interoperability”, hailed India’s transformative strides in digital payments. At the core of this revolution is UPI, developed by the National Payments Corporation of India (NPCI), which now handles over 640 million transactions per day—surpassing Visa’s 639 million.

Launched in 2016, UPI has revolutionised the way Indians conduct financial transactions. The system brings together multiple bank accounts into a single mobile platform, allowing users to make instant payments to individuals, merchants, and service providers with just a few taps.

UPI’s rapid adoption and scalability have stunned global observers. In less than a decade, it has grown to account for nearly 50% of all real-time transactions worldwide, a feat attributed to its open, interoperable, and user-friendly structure. The platform supports instant money transfers across different banks and apps, as long as they adhere to uniform technical standards and operational protocols.

Experts say UPI’s true strength lies in its ability to simplify payments while maintaining high security and interoperability. "It allows seamless transactions regardless of the banks or apps involved," the IMF noted, emphasizing its global potential as a digital financial infrastructure model.

As India cements its place as a digital payment powerhouse, UPI’s success story is being seen not just as a triumph of fintech, but also as a testament to the power of innovation, inclusivity, and vision in transforming the everyday lives of millions.