Current Affairs - Economy - Discussion

The latest survey conducted by the Department of Financial Services highlights that 57% of respondents prefer UPI as their primary payment method, making it the most favoured transaction mode in India. This surpasses cash, which stands at 38%. The widespread adoption is driven by instant fund transfers, ease of use, and attractive cashback incentives. A significant portion of users, particularly those aged 18–25, perform multiple digital transactions daily. Additionally, 94% of small merchants now accept UPI, reflecting its deep penetration and the success of government-backed digital payment initiatives.