Asia-Pacific · GDP rank #5
India
IN · INR @ 0.0104/USD
The single most important instant-payments story in the world. UPI cleared 22.35 billion transactions and ₹29 lakh crore (~US$340bn) in April 2026 alone, a +25% YoY expansion. The policy architecture (UPI + RuPay + Aadhaar-eKYC + Account Aggregator + ONDC) is the de facto reference stack for emerging-market digital finance. India is one of five founding IPSs inside BIS Project Nexus.
Tab 05
Cross-border
Inbound and outbound remittance corridors, tourism flows, FX markup on retail cross-border, and the country's posture on stablecoin adoption. Corridor figures come from the World Bank RPW feed or the publishing central bank; both are cited when they disagree.
Remittance inflows
USD · 2024
World's largest remittance-receiving country every year since 2008.
Remittance outflows
USD · 2023
Inbound tourism spend
INR · 2024
Outbound tourism spend
INR · 2024
Avg. corridor cost
% · Q4 2024
Net receiver
Top inbound corridors
- United StatesUS$28B
via bank + MTO
- United Arab EmiratesUS$23B
via MTO + UPI-AE corridor
- Saudi ArabiaUS$12B
via MTO
Cross-border card
Card flow leaving and arriving
Cards issued domestically and used abroad reflect outbound consumer travel and cross-border e-commerce; volume acquired from abroad reflects inbound tourism and foreign online shoppers.
Issued volume spent abroad
INR/year · 2024
Acquired volume from abroad
INR/year · 2024
FX cost
What consumers pay above the interbank
Retail FX markup is the spread between the mid-market rate and the rate the consumer receives — the single largest friction point in small-ticket cross-border.
- FX regime
- managed-float with capital controls
- Reference
- RBI-managed float against USD; capital-account controls under FEMA
Source · Reserve Bank of India
Full reference
Remittances
Net Position: receiver
Source: