Which organization published the Fintech Note (June 2025) titled “Growing Retail Digital Payments: The Value of Interoperability”, highlighting India’s UPI as the largest retail fast payment system by volume?​

Correct option is B

In June 2025, the International Monetary Fund (IMF) released a Fintech Note titled “Growing Retail Digital Payments: The Value of Interoperability”, authored by Alexander Copestake, Divya Kirti, and Maria Soledad Martinez Peria.
The report praised India’s digital transformation, recognizing Unified Payments Interface (UPI) as the world’s largest retail fast payment system by volume.

UPI, launched in 2016 by the National Payments Corporation of India (NPCI), now handles over 18 billion transactions per month, with daily transactions rising to 613 million in June 2025.