**Executive Summary**
This document, dated December 8, 2023, reports on the International Monetary Fund (IMF) recognition of Unified Payments Interface (UPI) as the world's largest retail fast-payment system (FPS) by transaction volume. According to the ACI Worldwide report of 2024, UPI accounts for 49% of global real-time payment system transaction volume. Measures such as PIDF, BHIM-UPI, and RuPay-UPI expansion continue to drive digital payment adoption in India.
**Key Points / Main Content**
* **UPI Recognition and Market Share:**
* IMF recognizes UPI as the world's largest retail fast-payment system by transaction volume, as of June 2025.
* UPI holds 49% share in global real-time payment system transaction volume, according to the ACI Worldwide 'Prime Time for Real-Time' 2024 report.
* **Initiatives to Support Digital Payment Adoption:**
* The Government, RBI, and NPCI have taken initiatives to support small-scale merchants in adopting digital payments through UPI.
* These include incentive schemes for low-value BHIM-UPI transactions and the Payments Infrastructure Development Fund (PIDF).
* PIDF provides grant support to banks and fintechs for deploying digital payment infrastructure (POS Terminals and QR codes) in tier-3 to 6 centers.
* As of October 31, 2025, approximately 5.45 crore digital touch points have been deployed through PIDF in tier-3 to 6 centers.
* As of FY 2024-25, a total of 56.86 crore QR were deployed to approximately 6.5 crore merchants.
* **Deepening Digital Transactions:**
* The Government, RBI, and NPCI have initiated deepening digital transactions through RuPay and UPI.
* This is across various sectors, including public services, transport, and e-commerce platforms on a nationwide basis.
* **Comparative Data:**
* India's transaction volume is 129.3 billion, accounting for 49% of the global real-time payment platform.
* Brazil's transaction volume is 37.4 billion, accounting for 14% of the global real-time payment platform.
**Impact Analysis**
**Banks and Fintechs**
* **Impact:**
Banks and fintechs benefit from grant support through the PIDF, enabling the deployment of digital payment infrastructure.
* **Action Required:**
Utilize PIDF grant support to deploy POS Terminals and QR codes in tier-3 to 6 centers to promote digital payments.
**Small Scale Merchants**
* **Impact:**
Small scale merchants are supported in adopting digital payments through initiatives by the Government, RBI, and NPCI.
* **Action Required:**
Adopt digital payment systems including UPI to benefit from the various support initiatives and expand business opportunities.
**Consumers**
* **Impact:**
Consumers will benefit from increased availability of digital payment options, particularly in tier-3 to 6 centers.
* **Action Required:**
Adopt and use digital payment methods like UPI and RuPay for transactions across various sectors, including public services, transport, and e-commerce.
Key Entities Referenced
Unified Payments Interface (UPI): Recognized as the world's largest retail fast-payment system by transaction volume.
Payments Infrastructure Development Fund (PIDF): Provides grant support for deployment of digital payment infrastructure, such as POS Terminals and QR codes, in tier-3 to 6 centers.
Reserve Bank of India (RBI): Regulator involved in initiatives to promote digital payments, including UPI.
National Payments Corporation of India (NPCI): Involved in initiatives to promote digital payments, including UPI.
International Monetary Fund (IMF): Published a report recognizing UPI as the world's largest retail fast-payment system.
Ministry of Finance
UPI Recognized as World’s Largest Real-Time
Payment System by IMF; Accounts for 49% of
Global Transactions
Targeted measures such as PIDF-backed infrastructure,
BHIM-UPI incentives and RuPay-UPI expansion continue to
accelerate digital payments adoption across India
प्रव तथ: 08 DEC 2025 7:31PM by PIB Delhi
The International Monetary Fund (IMF) report on ‘Growing Retail Digital Payments (The Value of
Interoperability)’ dated June 2025 had recognized Unified Payments Interface (UPI) as the world’s largest
retail fast-payment system (FPS) by transaction volume. Further, as per ACI Worldwide report on ‘Prime
Time for Real-Time’ 2024, UPI has around 49% share in the global real-time payment system transaction
volume.
The detailed comparison illustrating UPI's current status and market share against other leading
international real-time payment platforms is given in the table below.
In order to support small scale merchants in adopting digital payment systems including UPI, various
initiatives have been taken up by the Government, Reserve Bank of India (RBI) and National Payments
Corporation of India (NPCI) from time to time. These inter alia, include incentive scheme for promotion
of low value BHIM-UPI transactions, and the Payments Infrastructure Development Fund (PIDF) which
provides grant support to the banks and fintechs for deployment of digital payment infrastructure (such as
POS Terminals and QR codes) in tier-3 to 6 centers. As of October 31, 2025, approximately 5.45 crore
digital touch points have been deployed through PIDF in tier-3 to 6 centers. Further, as of FY 2024-25, a
total of 56.86 crore QR were deployed to approximately 6.5 crore merchants.
The Government, RBI and NPCI have initiated deepening digital transactions through RuPay and UPI
across businesses including public services, transport and e-commerce platforms on a nationwide basis.
UPI’s status against other leading international real-time payment platforms
Countries Transaction Volume % Share of Global real-time
payment platform
(in Billions)
India 129.3 49%
Brazil 37.4 14%Thailand 20.4 8%
China 17.2 6%
South Korea 9.1 3%
Others 52.8 20%
Total 266.2 100%
Source: ACI Worldwide report on ‘Prime Time for Real-Time’ 2024
This information was given by the Minister of State in the Ministry of Finance Shri Pankaj Chaudhary in a
written reply to a question in Lok Sabha today.
*****
NB/PK
(रलीज़ आईडी: 2200569) आगंतुक पटल : 5504
इस वज्ञ को इन भाषाओ ंम पढ़: Gujarati , Urdu , ही , Marathi , Bengali , Punjabi , Telugu