UPI Recognized as World's Top Real-Time Payment System by IMF
The International Monetary Fund (IMF) has recognized India's Unified Payments Interface (UPI) as the largest real-time payment system globally, accounting for 49% of transaction volume. Reports depict UPI's competitive edge over systems in countries like Brazil and Thailand. Efforts like the Payments Infrastructure Development Fund (PIDF) continue to drive the adoption of UPI, bolstering digital payments across India. By supporting small merchants and implementing widespread QR deployments, the Indian government aims to further expand digital payment usage.
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