+91 95600-82909 info@theiashub.com
    •     Current Affairs     Daily Current Affairs     India becomes Global Leader in Fast Payments

    India becomes Global Leader in Fast Payments

    India leads the world in real-time digital payments with UPI processing 18.39 billion transactions in June 2025, as per an IMF-FIS Global report. With global expansion, inclusiveness, and robust infrastructure, UPI faces challenges in regulation, scalability, and security that require collaborative global efforts.

    upsc-daily-current-affairs
    Table of Contents
    THEIASHUB
    Get an Instant Call Back from Our Expert Mentors Now!
    +91

    Context

    • India has become the global leader in real-time payments as UPI processed 18.39 billion transactions in June 2025, according to an IMF-supported report.

    About Report

    • Jointly developed by the International Monetary Fund (IMF) and FIS Global, this Fast Payments Report 2025 analyses global public digital infrastructure.
    • Faster Payment Adoption Score (FPAS) to benchmark digital payment adoption is a new metric used by the report.

    Achievements of India

    • India leads 30 countries, surpassing Brazil, Singapore, UK, and USA.
    • Processes over 640 million transactions daily, serving 491 million individuals and 65 million merchants via 675 banks, showing India’s UPI scale.
    • Delivers payments within 5 seconds, with near-zero cost per transaction.
    • UPI is now operational in 7 countries, including France, UAE, and Singapore.

    About Unified Payments Interface (UPI) and its Features

    • UPI powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features e.g., transfer of funds, etc.
    • It was developed by NPCI in 2016 and built over Immediate Payment Service (IMPS) infrastructure.     
    • It is the most successful real-time payment system globally, providing simplicity, safety, and security in person-to-person (P2P) and person-to-merchant (P2M) transactions in India.

    About National Payments Corporation of India (NPCI)

    • NPCI is an umbrella organization for operating retail payments and settlement systems in India.
    • It is an initiative of RBI and Indian Banks’ Association (IBA) under provisions of Payment and Settlement Systems Act, 2007.
    • It has been incorporated as a “Not for Profit” Company under provisions Section 8 of Companies Act 2013.
    • It has launched payment products such as RuPay card, IMPS, UPI, BHIM, BHIM Aadhaar, Bharat BillPay etc.

     

    Features of India UPI System

    • Unified interface across banks and apps like PhonePe, GPay, Paytm which provides Interportability.
    • Aadhaar-linked, USSD-enabled, multilingual access—enabling rural digital payments enabling Inclusiveness.
    • Real-time fraud detection, tokenisation, and regulatory compliance complying security protocols. 

    Limitation of UPI 

    • Regulation: Expanding UPI to accommodate a global user base will require adhering to data protection, financial laws and regulations of different countries posing regulatory and compliance challenges.
      • Also, significant scalability in terms of software, network and partner banks is required.
    • Dominance of Foreign-owned UPI Apps: Parliamentary panel’s report, ‘Digital Payment and Online Security Measures for Data Protection’ recently highlights that foreign entities like PhonePe and Google Pay dominate the Indian fintech sector. 
    • Security and Fraud: Cybercriminals may exploit vulnerabilities in the system or use social engineering techniques to gain access to sensitive information leading to financial losses.

    Initiatives to promote UPI

    UPI for secondary market: Introduced by NPCI to enhance the ease of equity trading in the country.

    UPI Chalega Campaign: Launched by NPCI to promote UPI as an easy, safe, and instant mode of payment. It also educates users about various features such as UPI LITE that enables swift low value transactions.

    MoU between Google India Digital Services and NPCI International Payments: To broaden use of UPI payments, enabling travellers to make transactions abroad and ease remittances process between countries.

    India’s UPI in overseas markets: Various countries like Oman, UAE, France, Nepal, Bhutan etc. are using UPI system for payment.

    UPI 123PAY: It is an instant payment system for feature phone users who can use UPI payment service in a safe and secure manner.


    Way Ahead

    • Regulation: A collaborative approach among nations, partnership among financial institutions, service providers etc. is required to develop a uniform compliance and regulatory framework among the partner nations.
    • Infrastructure: Banks and Payment service providers need to expand their infrastructure in terms of software, network etc. to process higher transactions per second and accommodate a global user base.
    • Fraud Protection: A collaborative effort between UPI service providers, banks, and users is required to identify and respond to UPI frauds.
    Mains Mentorship Program Mains Mentorship Program
    UPSC QEP 2026 Batch 5 - English
    UPSC QEP 2026 Batch 5 - English
    Buy now View Details
    Submit Your Details to Learn More
    I agree to give my consent to receive updates through SMS/Email & WhatsApp*.
    Quality Enrichment Program 2025/26 Quality Enrichment Program 2025/26
    NEEV GS + CSAT Foundation 2026/27
    NEEV GS + CSAT Foundation 2026/27
    Buy now View Details
    Quality Enrichment Program 2025/26 Quality Enrichment Program 2025/26
    Our Popular Courses
    GS + CSAT Found. Batch 2026 (Hindi) GS + CSAT Found. Batch 2026 (Hindi)

    Join theIAShub’s Mains Answer Writing Program

    Refine your answer writing skills and elevate your UPSC preparation with personalized support and expert feedback.

    Fill out the form to get started with the program or any other enquiries !

    I agree to give my consent to receive updates through SMS/Email & WhatsApp*.

    Our Popular Courses

    Show all  

    Best IAS Coaching In Delhi, UPSC Online & Offline Classes by IAShub

    Are you dreaming of becoming an IAS officer? Then, IAShub can be your best guide. It is one of the Best IAS Coaching in Delhi. Many students who want to clear the UPSC exam join IAShub for learning. The institute gives both online and offline classes. Their teachers are experienced and helpful. They easily explain every topic. Students also get notes, tests, and tips to do well in the exam.

    UPSC Online Classes by IAShub

    IAShub is in Delhi and is trusted by many UPSC students. It offers coaching for every part of the UPSC exam – Prelims, Mains, and Interview. The classes are simple and easy to understand. The teachers are experts and guide students in the right way. IAShub is also known for its helpful notes, test series, and answer-writing practice. IAShub is the best coaching in Delhi and also gives UPSC Online Classes. This helps students from any place in India to learn. The online classes are live and also recorded. So, students can watch them anytime. These classes cover the full UPSC syllabus.

    Key Offerings Provided by IAShub

    Here are some important services provided by IAShub:

    • UPSC Prelims: IAShub teaches for Prelims with a focus on basics. It also gives daily current affairs and monthly magazines.
    • Classroom Courses: IAShub has classroom learning for students in Delhi. The environment is good and peaceful for study.
    • Live Classes: Students who live far can join live UPSC online classes. These classes are just like real classes.
    • QEP for Mains: The Quality Enrichment Program (QEP) is special for Mains preparation. It helps students write better and faster.
    • Answer Writing: Regular answer writing practice is given. Teachers also check answers and give tips to improve.
    • Free Resource: IAShub gives free notes by toppers and helpful Main Booster material.
    • Test Series: Test series are available for every subject. These help students know their weak points and improve.
    • Interview Guidance Session: IAShub also gives interview practice sessions with experts. These help students feel confident.

    UPSC Exam Overview

    The UPSC Civil Services Exam has three parts:

    • Prelims: It has two papers: General Studies and CSAT.
    • Mains: It has nine papers, including essays and optional subjects.
    • Interview: It tests the personality and confidence of the student.

    This exam is tough, but with the right guidance, it becomes easy to manage. Students must study smart and stay regular.

    How IAShub Helps in the UPSC Journey

    IAShub supports students from the beginning to the end. It gives the right books, tests, and notes. The classes are easy to follow, and the teachers are always ready to help. Students get personal doubt sessions too. The test series and answer checking help students learn where they need to do better. Also, free study materials save time and money.
    IAShub also guides students during the final stage – the interview. Experts take mock interviews and give useful tips. This full support makes IAShub one of the best IAS coaching in Delhi.

    Best IAS Coaching In Delhi FAQs

    Yes, IAShub offers live and recorded online classes. Students can attend from any part of India.

    Classes are available in both English and Hindi, so students can choose the language they are comfortable with.

    The classroom centre is located in Delhi. Students can visit and join offline batches there.

    IAShub gives interview guidance sessions to help students prepare for the final round of UPSC.