'Phenomenal': Amitabh Kant reacts as UPI surpasses Visa in real-time payment system
Developed by the National Payments Corporation of India (NPCI), UPI has grown rapidly to become the backbone of India’s digital payments.
- Jul 13, 2025,
- Updated Jul 13, 2025 8:35 PM IST
Former NITI Aayog CEO Amitabh Kant on Sunday praised UPI for becoming the world's top real-time payment system. Calling it a "phenomenal" achievement, he said the digital platform has transformed lives and showcased India's rapid progress in just nine years. "UPI surpasses Visa to become the world's leading real-time payment system, processing over 650 million transactions daily. Achieving this in just 9 years highlights its unmatched scale and momentum," he wrote on X. "From India to the world, UPI is leading the digital payment revolution."
Developed by the National Payments Corporation of India (NPCI), UPI has grown rapidly to become the backbone of India’s digital payments infrastructure, now operating in seven countries and processing over 18 billion transactions each month.
A recent Fintech Note by the International Monetary Fund (IMF), titled “Growing Retail Digital Payments: The Value of Interoperability”, positions India as the world leader in real-time payments. The report highlights a significant shift from traditional instruments like debit and credit cards towards interoperable systems such as UPI. It notes that in districts with greater interoperability, digital payments tend to rise relative to cash usage, as measured by declining ATM withdrawals.
Using granular data, the IMF study underscores UPI’s status as the world’s largest retail fast payment system by volume. The authors Alexander Copestake, Divya Kirti, and Maria Soledad Martinez Peria argue that systems like UPI, which enable seamless interoperability, reduce reliance on closed-loop models and promote widespread adoption of digital payments. At the same time, they stress the importance of maintaining openness and competitiveness as such systems continue to evolve.
IMF’s Fintech Notes provide advisory insights to global policymakers on emerging trends in the financial and digital innovation space.
Former NITI Aayog CEO Amitabh Kant on Sunday praised UPI for becoming the world's top real-time payment system. Calling it a "phenomenal" achievement, he said the digital platform has transformed lives and showcased India's rapid progress in just nine years. "UPI surpasses Visa to become the world's leading real-time payment system, processing over 650 million transactions daily. Achieving this in just 9 years highlights its unmatched scale and momentum," he wrote on X. "From India to the world, UPI is leading the digital payment revolution."
Developed by the National Payments Corporation of India (NPCI), UPI has grown rapidly to become the backbone of India’s digital payments infrastructure, now operating in seven countries and processing over 18 billion transactions each month.
A recent Fintech Note by the International Monetary Fund (IMF), titled “Growing Retail Digital Payments: The Value of Interoperability”, positions India as the world leader in real-time payments. The report highlights a significant shift from traditional instruments like debit and credit cards towards interoperable systems such as UPI. It notes that in districts with greater interoperability, digital payments tend to rise relative to cash usage, as measured by declining ATM withdrawals.
Using granular data, the IMF study underscores UPI’s status as the world’s largest retail fast payment system by volume. The authors Alexander Copestake, Divya Kirti, and Maria Soledad Martinez Peria argue that systems like UPI, which enable seamless interoperability, reduce reliance on closed-loop models and promote widespread adoption of digital payments. At the same time, they stress the importance of maintaining openness and competitiveness as such systems continue to evolve.
IMF’s Fintech Notes provide advisory insights to global policymakers on emerging trends in the financial and digital innovation space.