Overview
- A survey of 10,378 respondents across 15 states finds UPI preferred by 57% of users versus 38% for cash, with 65% making multiple digital payments daily.
- The FY22–FY25 incentive programme is linked to an 11-fold rise in digital transactions and to UPI capturing nearly 80% of total digital payments.
- UPI acceptance expanded with QR codes growing from 93 million in FY22 to nearly 658 million in FY25 as banks on UPI rose from 216 to 661 and third‑party apps from 16 to 38.
- Small‑merchant adoption is near universal at 94%, with 57% reporting higher sales after adopting digital payments and 72% expressing satisfaction.
- The report calls for targeted steps to boost RuPay debit use in rural and semi‑urban areas along with UPI Lite, better connectivity, digital literacy and fraud‑risk mitigation, noting Budget 2026‑27 set aside an additional ₹2,000 crore for UPI support.