| Category | Details |
|---|---|
| Event | UPI Declared World's Largest Real-Time Payment System |
| Recognition | Recognized by the International Monetary Fund (IMF) in its June 2025 report titled "Growing Retail Digital Payments (The Value of Interoperability)" |
| Supporting Report | ACI Worldwide's "Prime Time for Real-Time 2024" report confirms UPI accounts for 49% of global real-time transactions |
| Transaction Volume | Global real-time transaction volume: 266.2 billion; India's contribution: 129.3 billion |
| Developer | Developed by the National Payments Corporation of India (NPCI) under the supervision of the Reserve Bank of India (RBI) |
| Launch Year | Launched in 2016 |
| Key Features | - Interoperability across banks and apps - Instant 24x7x365 fund transfers - Supports peer-to-peer and merchant payments - Zero MDR for users on popular platforms |
| Government Initiatives | - Payments Infrastructure Development Fund (PIDF): 5.45 crore digital touchpoints created as of Oct 31, 2025 - BHIM-UPI Incentive Scheme - Expansion of RuPay and UPI integration |
| QR Code Deployment | 56.86 crore QR codes deployed to 6.5 crore merchants as of FY 2024-25 |
| Global Implications | UPI seen as a model for scalable, low-cost, interoperable payment systems; cross-border UPI integration discussions with Singapore, UAE, and France |
| National Significance | Reflects the success of the Digital India initiative; promotes financial inclusion |
| Definition of RTPS | Real-Time Payment System (RTPS): Enables instant, 24x7 fund transfers; eliminates settlement delays and banking hours constraints |
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