UPI crowned as the world's fastest payment system, the IMF praises it

UPI: In its report, the IMF has described India's UPI as the world's fastest payment system. With over 18 billion transactions every month, UPI is now at the forefront of electronic retail payments. The report said that UPI's interoperability and speed have led India towards a cashless economy. Launched in 2016, this platform has now become the largest retail fast payment system globally, which has been openly praised by the IMF.

UPI: India's UPI (Unified Payment Interface) has been crowned as the world's fastest and most effective payment system. An article released by the International Monetary Fund (IMF) on Thursday has praised India's digital payment infrastructure, highlighting this achievement.

UPI praised in the IMF report

The IMF, in its fintech note titled 'Growing retail digital payments: The value of interoperability', said that India now makes the fastest payments compared to any country, and the credit for this goes entirely to UPI. This report has been published with the aim of giving practical advice to policymakers.

What is UPI

UPI is an interoperable fastest payment system, which was launched by the National Payments Corporation of India (NPCI) in 2016. Its aim is to make inter-bank transactions easy and fast through mobile phones. Today this system has become much more popular than other means like debit-credit cards, wallets and net banking.

Tremendous jump in transactions

According to the IMF report, more than 18 billion transactions take place per month through UPI. This figure shows that UPI dominates all other means of electronic retail payments in India. The report also mentions that UPI has also played an important role in reducing the use of cash. Before 2016, cash-based payments were dominant, but now a large part of India is giving preference to digital payments.

The world's largest fast payment system

The IMF has specifically highlighted that UPI has now become the world's largest retail fast payment system in terms of volume. Its interoperability, that is, the ability to transact easily between different platforms, makes it different from the digital payment systems of other countries.

Why is this recognition of the IMF special?

It is a major achievement for India's digital payment system to get such recognition on the international platform. The report of an organization like the IMF not only praises India's existing structure, but also indicates that other countries can think about adopting India's UPI model.

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