India's UPI is the best! The IMF has also given its seal of approval to the world's largest real-time payment system..
In recent years, India has achieved tremendous growth in its digital payment system, with UPI playing a revolutionary role. Indian UPI now operates in more than 8 countries, including France, UAE, Singapore, Nepal, Bhutan, Sri Lanka, and Mauritius. Prime Minister Narendra Modi himself has traveled to several countries to secure recognition for the Indian UPI, benefiting Indians living and traveling abroad. Acknowledging the success of India's UPI, the IMF (International Monetary Fund) has now given its seal of approval. The IMF has recognized it as the world's largest real-time payment system based on transaction volume.
Minister of State for Finance Pankaj Chaudhary provided this information in a written reply to a question in the Lok Sabha. He stated that this fact was mentioned in the IMF's June 2025 report, 'The Rise of Retail Digital Payments (The Value of Interoperability)'.
Indian UPI Leads the Way
Furthermore, according to ACI Worldwide's 'Prime Time for Real-Time' 2024 report, UPI tops the global list with a 49 percent share of the global real-time payment system and 129.3 billion transactions. Brazil is in second place with a 14 percent market share and 37.4 billion transactions, while Thailand is third with an 8 percent market share and 20.4 billion transactions. China is in fourth place with a 6 percent market share and 17.2 billion transactions.
Efforts to Promote UPI
The Union Minister further stated that to assist small merchants in adopting digital payment systems, including UPI, various initiatives have been undertaken from time to time by the Government, the Reserve Bank of India (RBI), and the National Payments Corporation of India (NPCI).
These include an incentive scheme to promote low-value BHIM-UPI transactions and the Payment Infrastructure Development Fund (PIDF), which provides grant assistance to banks and financial technology companies for setting up digital payment infrastructure (such as POS terminals and QR codes) in Tier-3 to Tier-6 centers. The Union Minister stated that by October 31, 2025, approximately 5.45 crore digital touchpoints will have been established in Tier-3 to Tier-6 centers through the Payment Infrastructure Development Fund (PIDF). Additionally, by the end of the financial year 2024-25, a total of 56.86 crore QR codes will have been deployed for approximately 6.5 crore merchants.
He further added that the government, the Reserve Bank of India (RBI), and the National Payments Corporation of India (NPCI) have initiated efforts to promote digital transactions through RuPay and UPI across all businesses, including public services, transportation, and e-commerce platforms, throughout the country.
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