UPI Sets Global Benchmark For Digital Payments: Cambridge Professor Carlos Montes

Professor Carlos Montes, Lead Innovation Hub, University of Cambridge Business School stated that Unified Payments Interface (UPI) offers valuable lessons for other countries looking to implement seamless digital payment systems.

Professor Montes, currently in India for the NXT Conclave 2025 at Bharat Mandapam, New Delhi, praised UPI after witnessing a live demonstration.

He noted that UPI’s success lies in its user-friendly nature and constant technological advancements, leading to widespread adoption across India.

In January 2025 alone, UPI recorded around 17 billion transactions, reflecting its exponential growth.

Montes emphasized that other nations could draw insights from India’s experience in developing an efficient and inclusive payment ecosystem.

Sudhir Shyam, Economic Adviser at the Department of Financial Services (DFS), also spoke about UPI’s increasing global recognition.

The payment system is currently operational in seven countries, including the UAE, Mauritius, Nepal, Bhutan, Singapore, Sri Lanka, and the Maldives. Additionally, efforts are underway to introduce UPI in France, Peru, Trinidad and Tobago, and Namibia.

Several other nations have also expressed interest in adopting UPI, Shyam added, citing the ease of transactions as a key factor behind its growing popularity.

Since its launch by the National Payments Corporation of India (NPCI) in 2016, UPI has amassed 465.2 million unique users and is supported by over 80 applications.

With rapid expansion and global interest, UPI continues to set a benchmark for real-time digital payments, reinforcing India’s position as a leader in fintech innovation.

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