{"id":9025,"date":"2025-07-19T21:43:13","date_gmt":"2025-07-19T21:43:13","guid":{"rendered":"https:\/\/www.newsbeep.com\/uk\/9025\/"},"modified":"2025-07-19T21:43:13","modified_gmt":"2025-07-19T21:43:13","slug":"upi-breaks-records-to-overtake-visa-as-worlds-top-real-time-payment-system-650-million-daily-transactions","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/uk\/9025\/","title":{"rendered":"UPI Breaks Records To Overtake VISA As World\u2019s Top Real-Time Payment System: 650 Million Daily Transactions"},"content":{"rendered":"<p>India\u2019s Unified  Payments Interface (UPI) has officially surpassed American payments aggregator  Visa Inc. to become the world\u2019s largest real-time payment system by transaction  volume, crossing a milestone of 650 million daily transactions.<\/p>\n<p>The feat is indeed  remarkable, since the Indian payments system achieved the goliath number in  less than a decade since its launch in 2016. The milestone has been hailed by  industry leaders, government officials and international agencies as a landmark  in the evolution of global digital payment systems.<\/p>\n<p>According to  multiple leading business dailies and official government sources, UPI\u2019s  meteoric rise has propelled India to the forefront of financial technology in  the world. The volume of daily transactions handled by UPI now exceeds the  global average of transactions processed by VISA, which is approximately 639  million. In May 2025 alone, UPI facilitated over \u20b925 lakh crore worth of  transactions, outpacing the combined value of card payments in the country by  miles.<\/p>\n<p>Comprehensive Guide of Law and Procedure for Filing of Income Tax Appeals, <a href=\"https:\/\/shopscan.in\/product\/law-and-procedure-for-filing-of-appeals-by-ram-dhutt-sharma\/?utm_source=story&amp;utm_medium=taxscan&amp;utm_campaign=link\" target=\"_blank\" rel=\"nofollow noopener\">Click Here<\/a><\/p>\n<p>Former NITI Aayog  CEO Amitabh Kant described the achievement as \u201cphenomenal,\u201d reflecting the  transformational impact of UPI on the Indian and global payments ecosystem.upi <\/p>\n<p>UPI technology was  developed by the National Payments Corporation of India and swiftly gained  traction with Indian consumers and merchants. Within a year, the system had  already reached one million monthly transactions. <\/p>\n<p>\u00a0<\/p>\n<p>UPI grew  exponentially following the 2017 <a href=\"https:\/\/www.taxscan.in\/tags\/demonetisation\" target=\"_blank\" rel=\"nofollow noopener\">demonetisation<\/a> move in India, with a large  number of the population quickly preferring UPI as one of their primary payment  methods for retail and digital transactions. The move also spawned numerous  digital payment applications such as Google\u2019s Tez (now Google Pay), <a href=\"https:\/\/www.taxscan.in\/tags\/phonepe\" target=\"_blank\" rel=\"nofollow noopener\">PhonePe<\/a>,  PayTM and many more.<\/p>\n<p>Understanding Common Mode of Tax Evasion with Practical Scenarios, <a href=\"https:\/\/shopscan.in\/product\/common-mode-of-tax-evasion\/?utm_source=story&amp;utm_medium=taxscan&amp;utm_campaign=link\" target=\"_blank\" rel=\"nofollow noopener\">Click Here<\/a><\/p>\n<p>The significance of  the achievement was highlighted by the International Monetary Fund, which noted  that India now leads the world in fast retail payments. The IMF highlighted  that the rise of UPI led to a notable decline in the use of cash and cards in India,  with both ATM withdrawals and card usage seeing a substantial drop in  comparison to previous years.<\/p>\n<p>The deal-breaker of  the UPI payments system is most definitely the payment amounts that can be  handled by it. The lowest transaction amount can be as little as one rupee,  making it accessible for even the smallest payments while the single  transaction limit can go up to \u20b91 lakh for most users. For certain categories  such as capital markets, insurance and mutual funds, the upper limit is set at  \u20b92 lakh per transaction, and for select pre-approved merchant payments, it can  reach as high as \u20b95 lakh, depending on the user\u2019s bank.<\/p>\n<p>Globally, UPI is  being acknowledged by numerous countries as well. Namibia has become the first  foreign country to formally adopt India\u2019s UPI technology, following a licensing  agreement between the National Payments Corporation of India and the Bank of Namibia.<\/p>\n<p>Step by Step Guidance for Tax Audit &amp; E-filing, <a href=\"https:\/\/shopscan.in\/product\/tax-audit-and-e-filing-3\/?utm_source=story&amp;utm_medium=taxscan&amp;utm_campaign=link\" target=\"_blank\" rel=\"nofollow noopener\">Click Here<\/a><\/p>\n<p>This partnership  will see Namibia roll out UPI as its national instant payments platform, as was  announced during Prime Minister Modi\u2019s state visit.<\/p>\n<p>With UPI now at the  helm of real-time payments globally, the question turns to how this Indian  innovation will further expand its reach and influence in the years ahead, as  countries and companies look to replicate its success.<\/p>\n","protected":false},"excerpt":{"rendered":"India\u2019s Unified Payments Interface (UPI) has officially surpassed American payments aggregator Visa Inc. to become the world\u2019s largest&hellip;\n","protected":false},"author":2,"featured_media":9026,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[5567,2306,5566,86,56,54,55,5568,5565,5563,5562,5564],"class_list":["post-9025","post","type-post","status-publish","format-standard","has-post-thumbnail","category-mobile","tag-650-million-daily-transactions","tag-mobile","tag-overtake-visa-as-worlds-top-real-time-payment-system","tag-technology","tag-uk","tag-united-kingdom","tag-unitedkingdom","tag-upi-650-million-transactions","tag-upi-becomes-top-global-payment-system","tag-upi-breaks-records","tag-upi-overtakes-visa","tag-upi-transaction-record"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/9025","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=9025"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/9025\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/9026"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=9025"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=9025"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=9025"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}