UPI is the World’s Largest Fast-Payment System: IMF Report

Overview: India's Unified Payments Interface (UPI) has been recognised by the IMF as the world’s largest fast-payment system. Handling nearly 50% of global real-time digital transactions, UPI processed over 129 billion payments in one year.

Riyaz

Dec-10-2025

UPI is the World’s Largest Fast-Payment System: IMF Report

The International Monetary Fund 2025, the Unified Payments Interface (UPI) of India has been identified as the largest in the world in terms of volume of transactions related to fast payment systems. As the report indicates, UPI can be said to handle almost 50 per cent of all real-time digital payment transactions in the world, handling over 129 billion payments within a year. UPI is the concept that has been created by the National Payments Corporation of India (NPCI) to provide instant, secure, and interoperable bank-to-bank transfers on mobile applications. Its high level of adoption, deep digital standing, and favourable policy landscape have made India a global leader in real-time payments and a model of digital financial innovation globally.

UPI Declared World’s Largest Fast-Payment System by IMF Report

IMF has stated that the Unified Payments Interface (UPI) in India is the largest fast-payment system in the world.
UPI has almost fifty per cent of the total real-time transactions in the world in terms of digital payments.
It made more than 129 billion payments within one year.
UPI is a technology that allows bank-to-bank transactions to be carried out safely, in a hassle-free and instant way. The technology was developed by NPCI.
Interoperability and ease of use have led to enormous usage of the system.
The rapid expansion of UPI demonstrates the Indian innovation in the sphere of digital payments globally.

UPI & NPCI – PYQs Asked in Exams

Exam Name	Year	Question	Options	Correct Answer
IBPS PO	2022	What does UPI stand for?	A) Unified Payment Interface B) Universal Payment Initiative C) Unique Payment Infrastructure D) United Payment India	A) Unified Payment Interface
SSC CGL	2021	Which organisation developed UPI in India?	A) RBI B) NPCI C) SEBI D) NITI Aayog	B) NPCI
SBI PO	2020	Which of the following is an interoperable real-time payment system in India?	A) NEFT B) RTGS C) UPI D) ECS	C) UPI
IBPS RRB	2019	NPCI is responsible for which of the following?	A) Managing stock exchanges B) Payment and settlement systems C) Regulating insurance D) Tax collection	B) Payment and settlement systems
SSC CHSL	2018	In which year was UPI launched in India?	A) 2014 B) 2016 C) 2018 D) 2020	B) 2016
RBI Grade B	2017	Which system allows instant bank-to-bank transfers through mobile applications in India?	A) NEFT B) RTGS C) UPI D) IMPS	C) UPI
RRB NTPC	2019	NPCI stand for?	A) National Payments Corporation of India B) National Postal Corporation of India C) National Policy for Commerce in India D) None of these	A) National Payments Corporation of India
SSC GD	2020	Which of the following is used for real-time payments and is widely adopted in India?	A) UPI B) IMPS C) NEFT D) RTGS	A) UPI

Expected Questions about UPI, NPCI, NEFT, RTGS, IMPS

Question: When was UPI launched in India?

Options:

A) 2014

B) 2016

C) 2018

D) 2020

Answer: B) 2016

Description: UPI was launched in 2016 by NPCI to simplify digital payments and improve financial inclusion.

Question: What is NEFT used for?

Options:

A) Instant mobile payments

B) Real-time international transfers

C) Electronic fund transfer between banks on a deferred settlement basis

D) Cash withdrawal

Answer: C) Electronic fund transfer between banks on a deferred settlement basis

Description: NEFT allows individuals and businesses to transfer funds between banks electronically, settled in batches.

Question: Which system allows immediate fund transfer 24×7 through mobile or online banking?

Options:

A) NEFT

B) RTGS

C) IMPS

D) UPI

Answer: C) IMPS

Description: Immediate Payment Service (IMPS) enables instant interbank transfers via mobile and internet banking any time.

Question: Which system is mostly used for high-value transactions exceeding ₹2 lakh?

Options:

A) NEFT

B) RTGS

C) IMPS

D) UPI

Answer: B) RTGS

Description: RTGS is used for large-value payments and ensures real-time, gross settlement of funds.

Conclusion

India excelled in digital payments because the IMF listed UPI as the largest fast-payment system in the world. UPI has proven to be secure, instant and interoperable banking with a billion transactions being processed each year. Its mass following and strong infrastructure have become a standard of real-time payment systems and financial innovation throughout the world.