IMF report titled “Growing Retail Digital Payments: The Value of Interoperability” released

Current Context: According to the IMF report titled “Growing Retail Digital Payments: The Value of Interoperability”, released on 20 July 2025, India emerged as the global leader in fast payments, powered by the Unified Payments Interface (UPI).

• In June 2025, UPI processed 18.39 billion transactions worth ₹24.03 lakh crore, marking a 32% YoY growth.
• UPI now handles 640+ million daily transactions, surpassing Visa’s 639 million, and powers 85% of India’s digital payments.
• It connects 491 million users, 65 million merchants, and 675 banks, driving financial inclusion and digital transformation.
• UPI is live in 7 countries, including France, UAE, and Singapore, and India is advocating its adoption within the BRICS group.

Question:

Q.1 According to the IMF report titled “Growing Retail Digital Payments: The Value of Interoperability,” which country has emerged as the global leader in fast payments as of July 2025?
a) China
b) United States
c) Singapore
d) India

Answer: d) The IMF report released on 20 July 2025 recognized India as the global leader in fast payments, driven by the Unified Payments Interface (UPI).