Impact Analysis of the RuPay and Low-Value BHIM-UPI Transactions Incentive Scheme

The Department of Financial Services (DFS), Ministry of Finance, released the report titled “Socio-Economic Impact Analysis of the Incentive Scheme for Promotion of RuPay Debit Card and Low-Value BHIM-UPI (Person-to-Merchant) Transactions” during the Chintan Shivir held on 13-14 February 2026.

  • The report evaluates the outcomes of the Government’s incentive framework aimed at promoting digital payments, particularly RuPay debit cards and low-value BHIM-UPI transactions.

Key Findings

Growth in Digital Payment Adoption

  • UPI has emerged as the most preferred mode of transaction, accounting for 57% of surveyed users, surpassing cash at 38%.
  • Nearly 65% of UPI users reported making multiple digital transactions ....
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