Prof. Carlos Montes, Lead of the Innovation Hub for Prosperity at Cambridge Business School, received a briefing on India’s revolutionary United Payments Interface (UPI), the indigenously developed digital payments system, on Thursday, February 27. The presentation, which addressed UPI's success and trends, was given by the Department of Financial Services (DFS) and the National Payments Corporation Limited (NPCI) Team. 

Professor Carlos Montes remarked that UPI is a great learning opportunity for other countries. Its lessons can contribute to easier and seamless adoption of digital payment solutions by other countries. He was glad to witness the giant adoption and usage of the UPI system. The success speaks volumes about its user-friendly and innovative approach, as per the professor who is currently in India to attend the NXT event at the Bharat Mandapam.

UPI: Constant Innovation 

Professor Montes recognized the regular and constant innovation by the teams that make UPI easier to use and more acceptable for the common people. This emphasis on innovation empowers the users to use it in their daily lives. Consequently, its usage has reached 16.99 billion, and the value exceeded ₹‎23.48 lakh crore, marking the highest number recorded in January 2025.

Read about UPI's December milestone at: UPI Transactions Surpass Rs 23 Lakh Crore Mark, Set Record with Over 16,730 Million Transactions in December 2024

UPI: Inspiration for Other Countries

The professor highlighted UPI’s potential to inspire other countries. It can work as a role model in empowering their digital payments landscape as it contributes to 80 percent of the retail payments across India.

UPI: Expanding Globally 

UPI is expanding globally at a rapid pace, enabling seamless cross-border transactions for Indians traveling abroad. It’s live in over seven countries. The list includes key markets like the UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, and Mauritius. Such an innovation, coupled with cross-border appeal and acceptance, allows Indians to make international payments with just a click or scan.

To witness more innovations empowering India's fintech sector, register to visit India Fintech Expo, scheduled from 19th-21st March, 2025 at Bharat Mandapam, New Delhi. Click here to register!