 Early Times Report
JAMMU, July 21: Gaurav Gupta, BJP Spokesperson, said, "India's phenomenal rise as the global leader in fast digital payments is a direct result of Prime Minister Narendra Modi's visionary leadership and the success of the Digital India mission. The IMF's recognition of UPI is a proud moment for every Indian."
The recent IMF report titled "Growing Retail Digital Payments: The Value of Interoperability" applauds India's revolutionary Unified Payments Interface (UPI), launched in 2016 by the National Payments Corporation of India (NPCI). UPI has transformed how India transacts - enabling secure, instant, and low-cost digital payments across all sections of society.
Today, UPI accounts for 85% of all digital payments in India, linking 491 million users, 65 million merchants, and 675 banks. In June 2024, it processed over 18.39 billion transactions worth ?24.03 lakh crore, registering a 32% year-on-year growth.
Gupta added, "UPI has become a symbol of financial inclusion and digital empowerment - benefiting everyone from local vendors to global travellers. Its expansion to seven countries, including France and UAE, is a testament to India's rising digital stature on the global stage."
He further stated,This is not just a fintech milestone - it's a reflection of India's trust in innovation, governance, and inclusive growth. Under PM Modi's leadership, India has shown the world how technology can transform lives.
As UPI continues to strengthen India's digital backbone, this achievement showcases the success of the Reform-Perform-Transform model, making India not just a participant, but a global leader in the digital economy. |
