India’s Unified Payments Interface  (UPI) has achieved a historic milestone, with the International Monetary Fund  (IMF) acknowledging it as the world’s largest real-time retail payment system. This recognition, featured in the IMF’s June 2025 report “Growing Retail Digital Payments (The Value of Interoperability)”, cements UPI’s  position as the dominant force in global digital payments. More than a technological achievement, it represents India’s transformation into a globa

Introduction In a significant economic development, the Reserve Bank of India (RBI) announced on Monday, June 24, 2024, that India has...