Digital transactions up by 11 times with UPI’s

New Delhi: According to a report released in consultation with NPCI (National Payments Corporation of India) with title, Socio Economic Impact Analysis of the Incentive Scheme for Promotion of RuPay Debit Card and low-value BHIM-UPI (Person to Merchant) transactions, by Department of Financial Services, the digital payments infrastructure has sour out to be exceptionally viable across diversified socio-economic segments.

The significant analysis shows a prompt effectiveness of the government’s initiative in advancing financial inclusion and digital payment growth in major widespread areas of the country. With the survey analysis, the UPI has emerged as most preferred mode of transactions, accounting almost for 57% cash transactions, crossing 38% of previous one data, due to ease of use, instant fund transfer, and other financial upgradation capabilities.

This era consists of digital payments dominance with 65% of UPI users recording multiple digital transactions per say and is mostly handled among 18-25 age groups of people with adoption standing at 66% with strong indication of digital behavioural pattern changes.

Some other significant expansions like digital transactions rising almost 11 times with UPI’s share in total digital transactions surging to almost 80%, sustaining itself as strong payment mode. The QR deployment for UPI transactions strategically rises 9.3 crore to almost 65.8 crore, ensuring diversified merchant transactions growth output and wide acceptance which reflects fintech revive, bank participation, and digital app providing companies evolution.

Moreover in merchants also, this digital acceptance has reached to a maximum growth with 94% small merchants reporting adoption of UPI. About 72% expressed satisfaction with digital payments, citing faster transactions, improved record-keeping, and operational convenience, while 57% reported an increase in sales following digital adoption.