UPI Dominates Digital Payment Landscape, Surpassing Cash Transactions
A government report highlights UPI's dominance as the preferred mode of digital transactions over cash. To bolster RuPay debit card usage in rural and semi-urban regions, the report suggests targeted interventions, including merchant enablement, promotion of low-value transactions, and investments in connectivity and digital literacy.
- Country:
- India
The Unified Payments Interface (UPI) has surged ahead of cash as the most popular transaction method, underscoring the country's shift towards digital payments. A recent report by the Department of Financial Services, Ministry of Finance, outlines the socio-economic impacts of digital payment schemes and suggests further steps to promote RuPay debit card usage.
Based on a comprehensive survey of over 10,000 respondents, the report highlights UPI's ease of use and instant transfer capabilities as key drivers of its popularity. Currently, UPI is utilized by 57% of surveyed users, overtaking cash, which is used in 38% of transactions, marking a significant behavioural change among consumers.
To further enhance digital payment adoption, especially in rural and semi-urban areas, the report recommends focused initiatives such as merchant enablement programs, promoting low-value UPI transactions, and investing in digital infrastructure. These steps aim at increasing digital literacy and reducing fraud risk, thereby strengthening India's digital economy.
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