<h1>UPI makes India world's fastest payment processing country with 18 billion monthly transactions since 2016</h1> India has become the world's fastest payment processing country through its Unified Payments Interface (UPI) system, according to an IMF fintech note. Since launching in 2016, UPI now handles over 18 billion monthly transactions and dominates electronic retail payments domestically. The interoperable platform has driven digital payment adoption while reducing cash usage, as evidenced by declining ATM withdrawals. The IMF study emphasizes that interoperable systems like UPI effectively transition economies from cash-based to digital transactions, though policymakers should monitor for potential anti-competitive practices as the system matures.