India Mobile Payment Market Sees Global Expansion

India’s mobile payment ecosystem is witnessing a transformative surge in 2025, driven by the expansive growth of Unified Payments Interface (UPI), merchant digital transactions, and cross-border integration. From empowering non-resident Indians (NRIs) to enabling Caribbean nations with Indian payment systems, India is no longer just a consumer of fintech innovation—it is a global contributor.

UPI’s 2025 Developments: From NRIs to the Caribbean

Unified Payments Interface (UPI) has extended its reach in 2025 with two major developments:

1. UPI Now Accessible to NRIs via International Numbers: On June 2023 the Reserve Bank of India (RBI) has permitted foreign nationals and Non-Resident Indians (NRIs) holding NRE (Non-Resident External) or NRO (Non-Resident Ordinary) accounts to access the Unified Payments Interface (UPI). Additionally, the RBI has revised its Master Directions on Prepaid Payment Instruments (PPIs). On June 25, 2025, IDFC First Bank announced via a press release that its NRI customers can now use UPI for payments in India using their international mobile numbers, without incurring any charges. The bank stated that this service is available to NRI customers from 12 countries—Australia, Canada, France, Hong Kong, Malaysia, Oman, Qatar, Saudi Arabia, Singapore, the UAE, the UK, and the USA—for INR-denominated transactions within India.

2. Global Expansion in the Caribbean: On September 27, 2024, NPCI International Payments Limited (NIPL) formally signed a partnership agreement with the Ministry of Digital Transformation of Trinidad & Tobago to develop a real time payments platform modeled on India’s Unified Payments Interface (UPI). This initiative positions Trinidad & Tobago as the first Caribbean nation to adopt India style UPI infrastructure, enabling secure and efficient person-to-person and person-to-merchant digital transactions while advancing financial inclusion.

These developments are not just policy wins but infrastructure pivots that open India’s fintech backbone to millions of global users.

Cross-Industry Applications Power Digital Momentum

Mobile payments are no longer limited to urban retail transactions. In 2025, the UPI framework is being widely adopted across:

• Retail Merchants:

Merchant digital payments in India rose by 19% year-on-year in June 2025.

• India Tops Global Payment Speed Charts:

An IMF Fintech Note highlights that India outpaces all other countries in payment speed, driven by the rapid growth of the Unified Payments Interface (UPI), even as the use of debit and credit cards steadily declines.

Such widespread integration underscores the maturity and adaptability of India’s mobile payment platforms.

Regional Performance: Asia-Pacific Leads.

Dominating Region: Asia-Pacific (APAC)

India remains the undisputed leader in mobile payment speed and penetration across APAC. India ranks highest globally in payment speed, driven by the swift expansion of the Unified Payments Interface (UPI), as reliance on debit and credit cards continues to diminish, according to an IMF Fintech Note. Developed by the National Payments Corporation of India (NPCI), UPI is a real-time payment system that enables inter-bank transactions via mobile devices and has become the world’s largest retail fast payment platform by transaction volume.

This trend is further amplified by financial partnerships enabling UPI’s acceptance at global retailers through collaboration with foreign banks.

India Mobile Payment Market Highlights (2025)

Key Players of the Market:

Several major companies active in India’s mobile payment industry include:

• Amazon.com Inc.

• Apple Inc.

• PayPal Holdings Inc.

• Visa Inc., 

• MasterCard International Inc.

• Samsung Electronics Co. Ltd., 

These leading players have implemented a range of strategic initiatives to enhance their market presence and expand their customer base.

Conclusion: Key Takeaways from India’s Mobile Payment Expansion (2025)

• Global Leadership in Speed and Scale: India continues to dominate the global mobile payment landscape, with UPI recognized as the world’s largest retail fast payment system by transaction volume.

• Broader NRI Inclusion: The RBI’s directive allowing NRIs to use UPI with international mobile numbers across 12 countries significantly enhances accessibility and convenience for overseas Indians.

• Cross-Border Adoption: Trinidad and Tobago’s efforts to adopt a UPI-based model—marking India’s growing role as a fintech exporter.

• Retail Digitization Surge: A 19% YoY growth in merchant digital payments highlights UPI’s expanding footprint in everyday transactions, reinforcing digital transformation in retail.

• Strategic Private Sector Involvement: Global tech giants like Amazon, Apple, Visa, PayPal, and MasterCard are actively investing in India’s mobile payment space, underlining the market’s potential and competitiveness.

• Asia-Pacific Market Leadership: Within the APAC region, India remains at the forefront in mobile payment speed, adoption, and infrastructure readiness, setting benchmarks for neighboring economies.

India’s 2025 mobile payment trajectory demonstrates not just domestic success but international influence—marking a shift from being a fintech consumer to becoming a global innovation enabler.

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