India’s real-time digital payment platform UPI or Unified Payments Interface has become the leading payment system in the world, overtaking Visa, according to a new report by the International Monetary Fund titled Growing Retail Digital Payments, The Value of Interoperability. The report highlights that UPI is responsible for 85 per cent of digital payments in India and nearly 60 per cent of such transactions worldwide.

The report said UPI is now handling more than 640 million transactions daily, surpassing Visa. It also mentioned that in June 2025 alone, Rs 24 lakh crore was processed through 18.39 billion UPI transactions. This marks a 32 per cent growth from the same month last year, when there were 13.88 billion transactions.

According to the IMF, India’s UPI has now become the fastest-growing real-time payment system globally. It has moved ahead of Visa in terms of daily transaction volumes. UPI handles over 640 million daily transactions, while Visa processes 639 million. The report called this growth remarkable, as UPI reached this level in just nine years.

UPI is a digital payment system that allows users to instantly transfer money between bank accounts using a mobile application. It runs on the Immediate Payment Service or IMPS platform. UPI allows users to link multiple bank accounts to a single app and supports features like sending money, paying merchants and requesting payments, making digital transactions fast and simple.

The IMF report also noted that UPI’s success is no longer limited to India, as it is being used in other countries too.

The report said, "UPI is making its presence felt across borders. It is already live in seven countries, including the UAE, Singapore, Bhutan, Nepal, Sri Lanka, France and Mauritius."

The entry into France marks a significant milestone as it is UPI’s first expansion into Europe. The report noted that this move allows Indians visiting or living in France to make payments more easily, without facing the usual challenges of foreign transactions.

India is also working to promote UPI as a common payment solution among BRICS nations, which recently expanded to include six new members. The IMF said that if this effort succeeds, it will make remittances smoother, expand financial inclusion and strengthen India’s role as a global digital payments leader.

The report further described how UPI transformed digital payments in India. It said UPI brought together banks and fintech apps on a single platform managed by NPCI.

The report added that this open system offers two key benefits: "First, users have the freedom to choose their favourite app, based on trust or ease of use. Second, it creates healthy competition among providers to offer better features and security."