India has achieved a major milestone in digital payments. According to the IMF report, India has become the global leader in real time payments. In June 2024, transactions worth Rs 24.03 lakh crore were done through UPI.
Highlights
- India becomes a global leader in real time payments.
- In June, transactions worth ₹24.03 lakh crore were done through UPI.
- 63.9 crore transactions are happening daily through UPI
New Delhi. India has achieved another major milestone in the field of digital payments. According to the new report of the International Monetary Fund (IMF), India is the global leader in real time payments. In June 2024 UPI, record Rs 24.03 lakh crore worth of transactions were done through around 18.4 billion transactions. This is 32% more than in June last year.
Also read: Record Growth in India’s Foreign Exchange Reserves
IMF said that UPI accounts for 85 percent of all digital payments in India. At the same time, more than half of all real-time digital payments in the world are made through India’s UPI.
64 crore transactions happening every day
According to the report, UPI now processes more than 64 crore transactions daily. This exceeds the number handled by global payment company Visa. Visa processes about 63.9 crore transactions daily.
675 banks are connected to UPI
UPI was launched in 2016 and in just 9 years it has reached 49 crore people and 6.5 crore merchants. It connects 675 banks on a single platform. IMF said that UPI has played a big role in connecting people in India. It has been especially impactful in small towns and villages, enhancing access to digital payments.
UPI’s popularity across the world
Today, UPI’s reach has spread beyond India. It now works in 7 countries like UAE, Singapore, Bhutan, Nepal, Sri Lanka, France and Mauritius. Its launch in France is considered to be the entry of Indian technology in Europe.
The new face of global digital payment
India is now advocating the adoption of UPI as a payment standard in BRICS countries as well. If this happens, it will make international transactions even faster, easier and cheaper. IMF said that all this is the result of India’s strong digital infrastructure and visionary thinking about technology. UPI is not just a payment system, but has now become the new face of global digital payment.
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