SRINAGAR: India’s Unified Payments Interface (UPI) has strengthened its position as the world’s largest real-time retail payments system by transaction volume, with cross-border usage rising sharply and merchant participation hitting record levels, according to Finance Ministry data tabled in the Lok Sabha on Monday.
In FY 2024–25, UPI processed 18,587 crore transactions worth Rs 261 lakh crore, and recorded an all-time monthly high of 1,947 crore transactions in July 2025. Cross-border adoption has accelerated, from just 180 transactions worth rs 3 lakh in FY 2021–22 to over 7.55 lakh transactions worth Rs 25,853 crore in FY 2024–25. In the first four months of FY 2025–26 alone, cross-border payments have already reached 6.01 lakh transactions worth Rs 16,929 crore.
UPI payments are now live in UAE, Nepal, Bhutan, Singapore, Mauritius, France, and Sri Lanka, with discussions under way to expand to more markets by linking with foreign fast-payment systems.
The platform’s domestic footprint has also widened — 6.5 crore merchants, including millions of small businesses, are now registered to accept UPI payments.
The government has cautioned that the rise in digital transactions has been accompanied by more attempts at phishing and other social engineering scams. While no widespread malware infiltration has been reported for UPI, regulators and the National Payments Corporation of India (NPCI) have stepped up user awareness campaigns, using SMS alerts, radio spots, and cybercrime prevention publicity.
The International Monetary Fund, in a June 2025 report, reaffirmed UPI’s position at the top of the global real-time payments ecosystem, citing its interoperability and rapid scale-up as a model for other countries.
