UPI Rises to Top: Beats Visa in Global Transactions Game

India’s Unified Payments Interface (UPI) has officially emerged as the world’s leading real-time payment system, overtaking global payments giant Visa, according to a new report released by the International Monetary Fund (IMF). Titled "Growing Retail Digital Payments: The Value of Interoperability," the IMF note highlights UPI’s meteoric rise as a model for digital payment systems worldwide.

The report states that UPI currently powers 85% of all digital transactions in India and accounts for nearly 60% of global real-time payments, underlining its dominance in the global financial technology space.

As per the IMF’s data, UPI is now processing over 640 million transactions daily, surpassing Visa’s 639 million. In June 2025 alone, the platform facilitated 18.39 billion transactions, amounting to ₹24 lakh crore in value, a 32% year-on-year growth from the same month last year, which recorded 13.88 billion transactions.

Built on IMPS, Fuelled by NPCI

UPI, developed by the National Payments Corporation of India (NPCI), operates on the Immediate Payment Service (IMPS) infrastructure. It allows instant, real-time money transfers between bank accounts via mobile applications. Its interoperability enables users to connect multiple bank accounts through a single app, facilitating a wide range of functions, from peer-to-peer transfers and bill payments to merchant transactions, in a seamless and secure manner.

The IMF commended UPI’s design, noting that its open architecture allows for broad participation from banks and fintech companies. “This openness creates two major advantages,” the report said. “Users can choose their preferred app based on trust or usability, and competition among providers drives innovation and better security.”

A Global Footprint

The IMF also emphasised that UPI’s success has extended far beyond India’s borders. The platform is now live in seven countries, including the United Arab Emirates, Singapore, Bhutan, Nepal, Sri Lanka, France, and Mauritius.

UPI’s expansion into France is being seen as a landmark achievement, its first foothold in Europe, enabling Indian tourists and residents to make payments abroad without the friction of currency exchange or international banking hurdles.

India is also pushing for UPI to be recognised as a standard payment system across the BRICS group, which now includes six new member countries. If adopted, the IMF notes, it could significantly improve cross-border remittances, enhance financial inclusion, and elevate India’s standing as a global technology leader in digital payments.

A Nine-Year Transformation

The IMF called UPI’s rise “extraordinary,” particularly because it achieved this global scale within just nine years of its launch. What began as a homegrown initiative to simplify digital transactions has now become the backbone of India’s financial ecosystem, and a beacon for the rest of the world.

With continued international collaborations and increasing domestic penetration, UPI is not just redefining how India pays, it's reshaping the future of global digital finance.

Also Read: UPI Surges to 83.7% Share in India’s Digital Payments FY25