The International Monetary Fund (IMF) has recognized India's Unified Payments Interface (UPI) as the world's leading real-time payment system, highlighting its rapid adoption and transformative impact on digital payments in India. UPI, developed by the National Payments Corporation of India (NPCI), facilitates instant inter-bank transactions and has driven exponential growth in digital transactions, significantly reducing cash usage. As of June 2025, UPI recorded over 18 billion transactions and now accounts for 85% of all digital transactions in India, powering nearly 50% of global real-time digital payments. The IMF credits India's focus on interoperability for this expansion, positioning the country as a global leader in fintech. According to Visa’s FY 2024 Annual Report, UPI has surpassed established global payment systems, enabling over 650 million daily transactions. Among UPI platforms, PhonePe leads with 8.547 billion transactions, followed by Google Pay and Paytm. This growth aligns with Prime Minister Narendra Modi’s vision of a digital economy, reflecting India’s innovation and stable economic policies.