India is the number one country in the world for digital payments, specifically in real-time transactions, largely driven by the massive success of the Unified Payments Interface (UPI) by IBEF. As of 2023-2025, India accounts for nearly 49% of global real-time digital payments, processing over 130 billion transactions annually.
As of 2025, India has over 65 million active merchants on UPI, making it the largest digital payments network in the world.
With an astonishing over 129 billion transactions processed and a commanding 49 per cent share of global real-time digital payments, UPI has secured the No. 1 position worldwide, firmly placing India at the forefront of the global fintech revolution.
Today, among all countries in the world, India is the country with the highest digital transaction, accounting for nearly 46% share, as per the 2022 data.
Top Best UPI Apps in India for 2025 – Detailed Comparison
Bhutan – First Country to Accept UPI
Launched by: Finance Minister of India, Nirmala Sitharaman & Finance Minister of Bhutan, Lyonpo Namgay Tshering. First country to adopt UPI standards for QR deployment. First country in India's immediate neighbourhood to accept mobile payments using the BHIM App.
Google Pay Usage Either for Online Payments in Various Countries in 2023. As of Julay 2023, the largest number of people making online payments using Google Pay live in India (77%). In second and third place are Poland and the United States. 38% of Poles and 31% of Americans make online payments using Google Pay.
India's UPI ecosystem continues to redefine digital payments — clocking billions of transactions every month. And leading the charge are a few giants who dominate the space. PhonePe reigns supreme with 8.96 Bn transactions, followed by Google Pay at 6.83 Bn and Paytm at 1.39 Bn.
Sweden has emerged as the world's first cashless nation, with phone taps and cards replacing physical money. This digital shift, driven by apps like Swish, simplifies transactions for locals and tourists alike. While most establishments accept digital payments, carrying some cash is advised for smaller vendors.
Google Pay keeps your information safe. Google Pay uses special things to stop frauds from stealing your money or knowing your identity. Your Google Pay information is stored in a safe place, and our team monitors it all the time.
Unified Payments Interface (UPI) is an Indian instant payment system and protocol developed by the National Payments Corporation of India (NPCI) in 2016.
Four common types of digital money are Cryptocurrencies, Central Bank Digital Currencies (CBDCs), Virtual Currencies, and Stablecoins, each differing in decentralization, backing, and purpose, from Bitcoin's decentralized nature to stablecoins pegged to real assets, with CBDCs representing a digital form of national currency.
The latest global reports indicate that India's Unified Payments Interface (UPI) is the world's most sophisticated and widely used real-time payment system.
Rankings out of 69 economies
Largest Payment Processor: Fiserv (First Data)
As of 2025, the largest payment processing company in the world — by volume of merchant payments handled — is Fiserv, which owns First Data and the popular Clover POS system. Key Facts About Fiserv: Merchant Transactions Processed: Over $2.4 trillion annually.
Razorpay has secured a Payment Aggregator-Cross Border licence from the Reserve Bank of India (RBI). This approval allows the fintech firm to conduct inward as well as outward cross-border transactions under regulatory supervision, joining a limited number of companies permitted to operate in this space.
With support for 180+ domestic and international payment methods, Razorpay remains the most versatile online payment gateway in India.
India is ranked number one in UPI transactions globally. The successful implementation of the Unified Payments Interface (UPI) has made India a leader in digital payments.
Gpay can be utilised only in Singapore, India and the US for sending money to family and friends.
Whereas Apple Pay is only available on the iPhone, Google Wallet can be used on a number of different devices, making it the clear winner for anyone who prefers an Android to an iPhone. Where Google Wallet loses points is security.
It uses USSD (Unstructured Supplementary Service Data) technology, which works on basic phones too. This service helps people across India do banking just by dialling *99# from their mobile.
3: BHIM UPI has the added advantage of being backed by the government, so it is regarded as safer and secure compared to Google Pay. Though Google Pay has enhanced security features like biometric authentication as well as PIN or pattern, extensive data syncing makes it less secure.
UPI, or Unified Payments Interface, is owned and operated by the National Payments Corporation of India (NPCI).