<ul data-eligibleForWebStory="false"><li>India now leads in faster payments globally, driven by the rapid growth of UPI (Unified Payments Interface), as per an IMF note.</li><li>IMF's Fintech Note highlighted UPI's growth since its launch in 2016, processing over 18 billion transactions monthly and surpassing other digital payment methods in India.</li><li>The note emphasized the value of interoperable payment systems like UPI, encouraging increased digital payment adoption and a decrease in cash transactions.</li><li>Authors of the note recommend monitoring the emergence of dominant private providers in the ecosystem and ensuring a competitive, open, and interoperable system.</li></ul>

India Now Makes Faster Payments Than Any Other Country, Courtesy UPI: IMF Note

Discover more