Summary:

The fast growth of India's digital payments ecosystem and increasing UPI usage are reflected in the BHIM (Bharat Interface for Money) app's transaction volumes, which increased by more than 300% in FY26. As a result of increased smartphone use and financial inclusion, BHIM saw significant increases in users, retailers, and transaction value, according to NPCI. This increase demonstrates how both urban and rural areas are moving toward cashless transactions. BHIM supports India's ambition for digital public infrastructure and facilitates smooth peer-to-peer and merchant transactions via UPI. Due to regulatory backing, fintech innovation, and internet access, India's payments ecosystem is growing. Through safe, digital transactions, UPI has emerged as a major real-time payment system that promotes financial inclusion, transparency, and economic formalisation across the country.

Source: IBEF

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