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Growing Retail Digital Payments: The Value of Interoperability: IMF

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Context:

According to the International Monetary Fund (IMF), India now processes faster digital payments than any other country, largely driven by the widespread adoption of the Unified Payments Interface (UPI).

Key Highlights:

IMF Report Findings:

  • Report Title: “Growing Retail Digital Payments: The Value of Interoperability” (Fintech Note)
  • UPI is cited as the world’s most rapidly adopted real-time payment platform.
  • India’s retail digital payments ecosystem is now more efficient, interoperable, and instantaneous than its global peers.

UPI’s Growth Trajectory:

  • Launched: 2016 by NPCI (National Payments Corporation of India)
  • Current Volume: Over 18 billion transactions per month
  • UPI now dominates India’s electronic retail payments, outpacing debit and credit card usage.

Decline in Cash Usage:

  • The report notes a decline in proxies for cash use, such as ATM withdrawals and cash-based transactions.
  • Suggests a structural shift toward digital-first financial behaviour in India.

What Makes UPI Stand Out?

  • Interoperability: Works across banks, platforms, and apps (e.g., PhonePe, Google Pay, Paytm)
  • Zero cost to users: No fees for peer-to-peer transfers
  • Accessibility: Available 24×7, even for small-value payments
  • Inclusivity: Used by individuals, kirana stores, MSMEs, and urban consumers alike

Global Significance:

  • The IMF acknowledges India’s payment system leadership.
  • UPI is now being replicated or partnered with by other countries (e.g., Singapore’s PayNow integration, France’s QR code trial).

BS

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