New Delhi, Feb. 16 -- The Centre's Rs.8,276-crore incentive scheme to promote RuPay debit cards and low-value UPI transactions, which ran from FY22 to FY25, drove an 11-fold increase in digital payments over this period and cemented UPI's position as India's dominant payment rail, accounting for nearly 80% of total digital transactions, according to a government-commissioned impact study.

The 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', was unveiled by the department of financial services (DFS) during a Chintan Shivir held on 13-14 February. The study was conducted by an independent third-party research agency in consult...