Global leader becomes India: Record transactions of 24 lakh crore from UPI in June – IMF report

New Delhi
India has emerged as a global leader in the world in quick payment. The transaction of Rs 24.03 lakh crore from UPI alone has been done through 18.39 billion transactions. This information was given in a note issued by the International Monetary Fund (IMF) on Sunday. Last month, the number of UPI transactions has increased by 32 percent on an annual basis. The number of UPI transactions in June last year was 13.88 billion.

The IMF report stated that UPI is currently 85 percent in all digital transactions in India and UPI is 50 percent in all real time digital payments worldwide. The report further stated that it now handles more than 64 crore transactions per day, which is more than global legendary companies like visa, which handles about 63.9 crore transactions per day.

This achievement is quite important because UPI has reached this point in only nine years. The UPI platform currently provides services to 49.1 crore individuals and 6.5 crore traders and connects 675 banks through the same system.

This has played an important role in promoting financial inclusion, which has helped people from all over the country, especially people from rural and small cities to reach digital financial services in an easy and economical way.

The IMF report stated that India’s success is the result of a strong vision of the use of technology for years of digital basic work and inclusive development of years. UPI, which started as a payment system, has now become a global standard in the public digital infrastructure.

The impact of UPI is not limited to India alone. It is already present in seven countries including the United Arab Emirates, Singapore, Bhutan, Nepal, Sri Lanka, France and Mauritius. Its start in France is a symbol of its entry into Europe, so that Indians traveling or living there will be able to make uninterrupted payments.

India is also advocating the adoption of UPI as a payment standard in the BRICS group, which has recently joined six new member countries. The report states that if it is accepted, it can make the border payments faster, cheaper and more secure, which will further strengthen India’s position as a global digital leader. The UPI, launched in 2016 by the National Payment Corporation of India (NPCI), has made digital payments simple, fast and accessible.

With just a few taps on mobile phones, users can pay to traders, transfer money to friends, or manage their bank accounts. Its convenience and speed have made it a popular choice between both individuals and businesses.