India leads the world in fast digital payments; UPI transactions hit 18 Billion per month

India leads the world in fast digital payments with its Unified Payments Interface (UPI), handling over 18 billion transactions monthly. Launched in 2016, UPI connects multiple bank accounts to a single mobile app, making transactions easier, faster, and more reliable.

New Delhi: India has become a global leader in fast digital payments thanks to its Unified Payments Interface (UPI). According to a new report by the International Monetary Fund (IMF) titled "The growing trend of retail digital payments: The importance of interoperability," UPI is driving this change in the country.

UPI has completely changed the way people make transactions. Launched in 2016 by the National Payments Corporation of India (NPCI), UPI has made sending and receiving money in India easier, faster, and more reliable. With UPI, users can link multiple bank accounts to a single mobile app. Whether it's sending money to a friend, paying at a store, or making a transfer, everything can be done with just a few clicks.

Every month, UPI handles transactions worth over 18 billion rupees. In June 2025 alone, UPI processed payments of 24. 03 lakh crore rupees through 18. 39 billion transactions. This is a significant increase from June of the previous year when there were 13. 88 billion transactions, showing a 32% growth in just one year.

Currently, 491 million people and 65 lakh merchants are connected to UPI. UPI is supported by 675 banks, making it possible for anyone to pay anyone, regardless of which bank they belong to.

UPI accounts for 85% of all digital transactions in India. Additionally, 50% of real-time digital payments worldwide are done through India's UPI alone.

UPI is no longer confined to India

It is now available in seven countries, including the UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, and Mauritius. The introduction of UPI in France marks a major milestone for India, as it is the first time UPI has entered Europe. Now, Indians living in France can make payments easily without facing any issues related to foreign transactions.

How To Make Transactions With UPI

• Download the app on your smartphone and open it.
• Link your bank account to the app and set your UPI PIN.
• Look for an option to 'Pay' or 'Send Money'. It can vary based on your chosen UPI app.
• Enter the recipient's UPI ID, mobile number or scan their QR code.
• Specify the amount you wish to transfer.
• Input your 4 or 6 digit UPI PIN to authorise the transaction.