UPI Growth Slows as Cash Use Rises, Opposition Warns of Price Hikes
An analysis by The Hindu shows that the growth in UPI transaction values has slowed over five years, while cash with the public grew from 4% to 12% between 2023-24 and 2025-26. Nirmala Sitharaman assured no MDR charge on UPI for the general public, but opposition fears higher prices may push people back to using cash. The slowing growth of UPI transactions (18.7% in 2026-27) is still higher than cash's 13%, indicating a vibrant economy with potential inflation underreporting.
15 AUG 2026
· THIS STORY — The Hindu
Cash usage in India grew from 4% to 12% between 2023-24 and 2025-26, outpacing the 18.7% growth in UPI transaction values in 2026-27.
19 AUG 2026
— NDTV
Finance Minister Nirmala Sitharaman affirmed that UPI will remain free for consumers, while Santanu Paul, former NPCI chief, advocates for continued free access for ordinary citizens and small businesses.
26 AUG 2026
— NDTV
Since its launch in 2016, UPI has rapidly transformed India into a digital payments leader, facilitating over 55 crore user transactions daily.
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