Why in the news?
An IMF report has recognized UPI as the worlds largest real time retail fast payment system by transaction volume. As per ACI Worldwide (Prime Time for Real Time 2024), UPI accounts for about 49 percent of global real time payment transactions.
Key Facts
- Global leadership
- India: 129.3 billion transactions
- 49 percent share of global real time payment volume
- Followed by: Brazil 14 percent, Thailand 8 percent, China 6 percent and South Korea 3 percent
- Developed by National Payments Corporation of India (NPCI)
- Regulatory oversight Reserve Bank of India and Ministry of Finance support policy push
- Government support initiatives
- Incentive scheme for low value BHIM UPI transactions
- PIDF (Payments Infrastructure Development Fund) for merchant infrastructure in Tier 3 to 6 areas
- Expansion of RuPay UPI acceptance across transport, ecommerce, and public services
Infrastructure Growth: 5.45 crore digital touch points deployed through PIDF in Tier 3 to 6 centers (as of Oct 2025)
- 56.86 crore QR codes deployed to approx 6.5 crore merchants (FY 2024-25)
| Which one of the following links all the ATMs in India? (2018)
(a) Indian Banks’ Association (b) National Securities Depository Limited (c) National Payments Corporation of India (d) Reserve Bank of India |
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