New Delhi, Dec. 8 -- India's homegrown digital payment system, the Unified Payments Interface (UPI), has cemented its position as the world's largest retail fast-payment system (FPS) by transaction volume, according to a recent reply in the Lok Sabha by Minister of State in the Ministry of Finance, Pankaj Chaudhary.
The minister's disclosure highlighted UPI's global dominance and the government's strategic initiatives to expand its reach, especially among small-scale merchants.
The Minister cited two major international reports to confirm UPI's stellar status. The International Monetary Fund (IMF), in its June 2025 report titled 'Growing Retail Digital Payments (The Value of Interoperability)', formally recognized UPI as the world's large...