Despite UPI's growth, why does cash remain king in India?
Even with the widespread popularity of UPI, the amount of cash circulating in India has surged to more than double over the last ten years. Figures rose from ₹16.63 lakh crore in FY16 to ₹42.43 lakh crore by August 7. This trend persists because elderly citizens and lower-income households in rural and semi-urban regions still depend on physical currency. Furthermore, small-scale enterprises with narrow profit margins also continue to prefer cash transactions.
by shortkt.com✓