Socio-Economic Impact of Digital Payments in India: Report by Ministry of Finance

The Ministry of Finance's Department of Financial Services has released a report titled "Socio-Economic Impact Analysis of the Incentive Scheme for Promotion of RuPay Debit Card and low-value BHIM-UPI Transactions (P2M)". This report assesses the effectiveness of incentive schemes in promoting digital payments in India. Conducted by an independent research agency with guidance from the National Payments Corporation of India, the study emphasizes digital payment adoption, financial inclusion enhancement, and unprecedented growth in digital transaction volume through UPI between 2021 to 2025. The report also outlines the economic benefits of these systems, calling for further strategies to boost RuPay card usage, especially in rural and semi-urban regions.

Source: Original Link