UPI Dominates Transactions at 57%, Surpassing Cash: Survey Reveals Digital Shift

• UPI is now the most preferred transaction mode at 57%, outperforming cash at 38%, driven by ease of use and instant transfers.
• A survey by an independent research agency, in consultation with NPCI, analyzed the impact of the incentive scheme for RuPay Debit Card and low-value BHIM-UPI transactions.
• The study covered 10,378 respondents across 15 states, including users, merchants, and service providers, evaluating the government's digital payment promotion framework.
• 65% of UPI users report multiple daily digital transactions, with 66% adoption among 18-25 year olds, indicating a strong shift to digital-first habits.
• 94% of small merchants have adopted UPI, with 72% satisfied due to faster transactions and improved record-keeping; 57% reported increased sales.