July 11, 2025 12:04 PM

UPI impact: India now makes faster payments than any other country, says IMF

India now leads the world in faster payments, thanks to the widespread adoption of the Unified Payments Interface (UPI), according to a recent note from the International Monetary Fund (IMF). Since its launch in 2016, UPI has witnessed exponential growth, while several indicators of cash usage have shown a declining trend. UPI now processes over 18 billion transactions per month, dominating the electronic retail payments ecosystem in India, the IMF noted in its paper titled “Growing Retail Di...