India’s financial ecosystem has undergone a major transformation in recent years, with the Unified Payments Interface (UPI) emerging as the centrepiece of the country’s digital payments revolution. Just ten years ago, financial transactions in the country were slow and largely cash-dependent but now, they are just a touch or click away, enabling instant, seamless and real-time payments across the country. The shift began with early digital infrastructure such as Real-Time Gross Settlement (RTGS) in 2004 and Immediate Payment Service (IMPS) in 2010, which enabled faster transfers but remained limited in reach. A broader transformation followed with the development of foundational systems under the JAM Trinity: Pradhan Mantri Jan-Dhan Yojana, Aadhaar and mobile connectivity, which expanded financial access and digital readiness.

UPI: India’s core digital payments achievement

Launched in 2016 by the National Payments Corporation of India, UPI has become the most significant milestone in India’s digital payments journey. It simplified transactions by linking bank accounts through a Virtual Payment Address, removing the need for account numbers and IFSC codes. Users can send or receive money instantly using only a mobile number, UPI ID and secure authentication. The system operates 24/7, processes payments in real time and works seamlessly across banks and platforms due to full interoperability. The scale of UPI has expanded rapidly. The network has grown from 216 banks in 2021 to 691 banks by January 2026, creating a unified national payments infrastructure. UPI has become the world’s largest real-time payments system by volume, processing:

It has achieved this scale in under 10 years, making it one of the fastest-growing financial infrastructures globally. The International Monetary Fund (IMF) has recognised UPI as the world’s largest real-time payment system by volume.Beyond scale, UPI has significantly expanded financial inclusion by reducing dependence on cash and enabling instant, low-cost transactions. It has brought millions into the digital economy, particularly small merchants, informal workers and rural users. The ecosystem has also expanded with features such as UPI Lite for small payments, UPI AutoPay for recurring transactions and Credit on UPI for access to pre-approved credit lines. Financial institutions and fintech companies have further built lending and repayment solutions on this infrastructure. Security and system strengthening UPI is supported by strong security architecture, allowing transactions without sharing sensitive banking details and providing built-in grievance redress mechanisms. Further strengthening the system, the Reserve Bank of India (RBI) has mandated two-factor authentication for digital payments from April 1, 2026. This requires multiple verification layers such as PINs, biometrics or secure tokens along with OTPs, significantly reducing fraud risks and improving trust in digital transactions. Global recognition and expansion India’s UPI model has gained international recognition from institutions such as the International Monetary Fund and the World Bank for its scale and inclusiveness. Global leaders, including French President Emmanuel Macron, have acknowledged India’s ability to process over 20 billion transactions per month through UPI, a level unmatched globally. UPI has also expanded internationally and is now operational or interoperable in countries including the United Arab Emirates, Singapore, Bhutan, Nepal, Sri Lanka, France, Mauritius and Qatar, enabling cross-border payments and supporting global remittance flows.UPI stands as India’s most significant digital financial achievement, a system that has transformed payments at scale, expanded financial inclusion and positioned India as a global leader in real-time digital transactions. Built in under a decade, it has reshaped how the country pays, saves and participates in the formal economy, emerging as a global benchmark for inclusive financial innovation.

A trade body for European airports has warned over a “systemic” shortage of jet fuel ahead of the peak summer season if the Strait of Hormuz does not reopen in the weeks ahead.

Airports Council International (ACI), which represents more than 600 airports, wrote a letter to the European commissioners for energy and transport and tourism.

The body’s director-general Olivier Jankovec wrote in the letter: “At this stage, we understand that if the passage through the Strait of Hormuz does not resume in any significant and stable way within the next three weeks, systemic jet fuel shortage is set to become a reality for the EU.

“The fact that we are entering the peak summer season… is only adding to those concerns.”

Supplies of jet fuel – which is used to fly planes – from the Middle East have been disrupted since the US-Israel’s war with Iran because of Iran’s effective closure of the Strait of Hormuz, a critical international shipping route.

This has led to soaring prices and warnings that flights could be affected because of Europe’s reliance on fuel imports from around the world.

Analysts have also said higher jet fuel prices can be quicker to pass through to airfares than road fuel and household energy costs.

Ryanair’s boss Michael O’Leary said earlier this month that if the war continues, then there was a risk of “disruptions in Europe in May and June”, adding that “maybe 10%, 20%, 25% of our supplies might be at risk”.

Sir Keir Starmer has been visiting allies in the Gulf for talks on how to support what he described as a “fragile” ceasefire between the US and Iran, which was agreed this week.

He spoke to US President Donald Trump about the need for a “practical plan” to get shipping going through the Strait of Hormuz amid suggestions Tehran wants to charge vessels for passage.

In its letter, the ACI says jet fuel supply for the next six months needs to be urgently monitored by the European Commission, including identifying action that can be taken to increase production within the EU.

It also asks them to consider temporarily lifting restrictions and regulations that limit the ability to import jet fuel.

“This crisis has exposed the reduced refining capacity of the EU for jet fuel production, and its acute dependence on imports from other world regions,” Mr Jankovec warned on behalf of the body.

Susannah Streeter, chief investment strategist for Wealth Club, said: “Carriers have had to deal with a more than doubling of fuel costs since the conflict erupted and the threat of shortages lingers.

“As the war has put a chokehold on supplies from the Middle East, it has caused other nations which produce jet fuel to impose export bans, causing trade to seize up further.

“It will take time to unwind panic positions, and for jet fuel prices to stabilise, so airlines are likely to continue to pass on the cost to passengers for the foreseeable future.”