The International Monetary Fund (IMF), in its June 2025 report “Growing Retail Digital Payments (The Value of Interoperability),” has recognised India’s Unified Payments Interface (UPI) as the world’s largest retail fast-payment system by transaction volume, according to PIB.
According to the report by ACI Worldwide titled “Prime Time for Real-Time” 2024, UPI accounts for nearly 49% of the global real-time payment transaction volume, making it the clear winner in the race.
UPI becomes world’s largest real-time payment system
While India is not alone on the digital payment list, UPI’s position on the global stage is far ahead of other countries. Going by the data, India recorded 129.3 billion transactions, representing 49% of global real-time payments.
Brazil ranks second with 37.4 billion transactions and a 14% market share. Thailand is next with 20.4 billion transactions (8%). China on fourth with 17.2 billion transactions (6%). South Korea has 9.1 billion transactions (3%), and all other countries combined make up 52.8 billion transactions (20%).
| Country | Transaction Volume (in Billions) | % Share of Global Real-Time Payment Platform |
|---|---|---|
| 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
The Indian Government, RBI, and NPCI are also working to promote digital transactions through UPI and RuPay across various sectors. This includes public services, transport, and e-commerce platforms. The move will ensure digital payments reach people and businesses across the country.
India’s small merchants go digital
To encourage small businesses to adopt digital payments, the Government of India, the Reserve Bank of India (RBI), and the National Payments Corporation of India (NPCI) have introduced several initiatives. According to PIB, the initiatives include “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 centres.”
By October 31, 2025, about 5.45 crore digital touchpoints had been installed through PIDF in these areas. By the financial year 2024-25, 56.86 crore QR codes were deployed to around 6.5 crore merchants.