Growing Retail Digital Payments: The Value of Interoperability

According to a recent note by the International Monetary Fund, titled ‘Growing Retail Digital Payments: The Value of Interoperability’, India has emerged as the global leader in fast payments.

  • At the heart of this transformation is the Unified Payments Interface, better known as UPI. Launched in 2016 by the National Payments Corporation of India (NPCI), UPI has changed how people send and receive money in the country.

Major Highlights

Digital Transactions

  • Today, UPI accounts for 85 per cent of all digital transactions in India. Its impact goes beyond national borders, powering nearly 50 per cent of global real-time digital payments.
  • In ....
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