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India has cemented its position as the world’s foremost digital payments economy, with the Unified Payments Interface (UPI) registering 18.39 billion transactions in June 2025, according to a report jointly prepared by the International Monetary Fund (IMF) and FIS Global.

About the Report: Fast Payments 2025

• Prepared by: IMF and FIS Global
• Focus: Assessment of digital public infrastructure enabling real-time payments
• Key Metric Introduced: Faster Payment Adoption Score (FPAS) – a benchmark for evaluating the scale and effectiveness of fast payment systems across 30 countries

India’s Standout Performance

• Top Global Rank: India scored 87.5% on FPAS, ranking highest globally—outpacing Brazil, Singapore, the United Kingdom, and the United States.
• UPI Ecosystem Scale:
  • Handles over 640 million daily transactions
  • Caters to approximately 491 million users and 65 million merchants
  • Supported by a network of 675+ banks
• Speed and Cost Efficiency:
  • Payment settlement within 5 seconds
  • Transactions are virtually cost-free for users
• International Footprint:
  • UPI services are now live in seven countries, including France, UAE, and Singapore
  • India is advocating its adoption within the BRICS+ grouping as a model for cross-border payment interoperability

Key Strengths of UPI Infrastructure

• Interoperability: Seamless transactions across multiple platforms (PhonePe, Google Pay, Paytm, etc.) and banks
• Inclusivity Features:
  • Aadhaar-based linking
  • USSD-based services for feature phones
  • Multilingual interfaces to facilitate rural access
• Built on India Stack: Utilizes digital infrastructure components like Aadhaar, eKYC, DigiLocker, and Account Aggregator
• Security Framework:
  • Real-time fraud detection
  • Tokenization and robust regulatory oversight
• Collaborative Ecosystem: A joint effort of NPCI, fintech players, and RBI, ensuring scalability and resilience