New Delhi: A latest note titled 'Growing Retail Digital Payments: The Value of Interoperability' presented by International Monetary Fund (IMF) highlighted India as a global leader in making fastest payments which is due to the adoption of UPIs or Unified Payment Interface by a wide number of masses. This report is authored by Alexandar Copestake, Divya Kirti, and Maria Soledad Martinez Peria.
The global economic watchdog also stressed the transition from cash to card-based transactions to UPI or Unified Payments Interface since its launch in 2016. Unified Payments Interface is a real-time payment system developed by NPCI (National Payments Corporation of India) that enables smooth money transfers.
The IMF also observed that the UPI adoption is increasing in rural areas with the reduction in ATM (Automated Teller Machine) money withdrawals. Authors at the IMF have also urged Indian policymakers to monitor the markets of digital payments in India and give opportunities to new key emergent players.
This report also pointed to the favourable digital payments interface in India despite a slight dip of 1.5% in June compared to May 2025. Soaring digital transaction volume is highlighting the significant expansion of India’s digital payment infrastructure. IMF researchers used granular data to cover the realm of transactions on India’s Unified Payments Interface.
