New Delhi, Feb. 16 -- Unified Payments Interface (UPI) has emerged as the most preferred mode of transaction, accounting for 57 per cent, surpassing cash transactions at 38 per cent, primarily due to ease of use and instant fund transfer capability, according to a survey.

The Department of Financial Services (DFS), Ministry of Finance, released a 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 last week.

The study has been carried out by an independent third-party research agency in consultation with the National Payments Corporation of India (NPCI).

The analysis evaluates the effectiveness of...