New Delhi, April 24 -- Despite increased use of UPI and other digital modes of financial transactions, India's payment landscape is increasingly reflecting a hybrid equilibrium, where cash and digital payments are expanding simultaneously, according to a research report by SBI.

The report highlights that currency in circulation (CiC) surged 11.9% in FY26 to an all-time high of Rs 41.6 trillion, marking "the highest growth since the post-demonetisation in 2016". At the same time, digital payments via UPI also scaled new peaks, with transaction value rising 20.6% to Rs 314 trillion and volumes jumping 30% to 241.6 billion.

Calling this trend a "cash paradox", the report notes that both cash and digital are indispensable for India and comp...