New Delhi, July 21 -- India has become the world's leader in real-time digital payments, propelled by the rapid adoption and expansion of the Unified Payments Interface (UPI), according to a recent International Monetary Fund (IMF) note titled "Growing Retail Digital Payments: The Value of Interoperability."

Launched in 2016 by the National Payments Corporation of India (NPCI), UPI has revolutionised the country's payment landscape by enabling instant, seamless transactions between bank accounts via mobile apps.

Its success lies in its simplicity, interoperability, and affordability, transforming India into a digital-first economy.

According to the Press Information Bureau (PIB), UPI now processes over 18 billion transactions each mont...