RBI Governor Details Global UPI Push, Citing 85% Share and 20 Billion Monthly Transactions

Overview

• UPI accounts for about 85% of India’s digital payment transactions, processing roughly 20 billion payments each month worth over USD 280 billion.
• Sanjay Malhotra set out three cross-border priorities: linking UPI to other countries’ fast-payment systems, enabling UPI QR merchant payments overseas, and supporting partners to build or upgrade sovereign rails using the UPI stack.
• The UPI–PayNow corridor with Singapore is live, with additional bilateral and multilateral linkages under way, and QR-based purchases already active in select countries.
• India’s open-source MOSIP digital identity platform is being adopted or considered by 27 countries.
• RBI underscores DPPs as public goods that advance inclusion, highlighting UPI’s role in helping small vendors accept digital payments and gain access to lower-cost formal credit.