Q. According to the IMF and ACI Worldwide reports, why is India’s Unified Payments Interface (UPI) considered the world’s leading real-time payment system?
A. It is used only for government transactions
B. It has the highest number of registered banks
C. It accounts for around 49% of global real-time payment transactions
D. It operates only in metropolitan cities
Correct Answer: C. It accounts for around 49% of global real-time payment transactions
Explanation:
UPI has been recognized by the IMF as the world’s largest retail fast-payment system and, as per ACI Worldwide, it accounts for about 49% of global real-time payment transaction volume, making India the global leader in digital payments.