India's digital payment landscape has been significantly transformed by the Unified Payments Interface (UPI), leading to a ninefold increase in digital transactions since its launch in 2016.
UPI's share of India's digital transactions has surged from 4.4% in FY18 to an impressive 70% in FY24, demonstrating its crucial role in the country's financial ecosystem.
Prime Minister Narendra Modi has advocated for UPI as a model for BRICS nations to transition towards a cashless economy.
India has also partnered with the United Arab Emirates (UAE) to facilitate UPI transactions, further strengthening its influence in the region.
In FY24, India surpassed its BRICS counterparts, including China and Brazil, in terms of digital transaction volumes, highlighting its leadership in the digital payment sector.