UPI Dominates Financial Transactions in Rural and Semi-Urban India: Report
Around four in ten users in rural and semi-urban India prefer the Unified Payments Interface (UPI) for transactions, while two in ten still prefer cash, according to a joint report by EY and CII.
Despite this, UPI remains the most popular mode of financial transactions in these regions.
Over 400 million users rely on the payments ecosystem, using it for peer-to-peer or peer-to-merchant transactions.
The report noted that 11% of respondents in rural and semi-urban areas did not favor UPI. The survey included 1,033 participants, 73% of whom were from rural areas, with 22% being women.
However, the rise in UPI adoption has also been accompanied by a surge in UPI-related scams, highlighting growing concerns over digital payment security in India.
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