UPI hasn't killed cash — it's expanded India's total payments pie, with digital and physical currency growing in tandem. 13,000-fold volume surge: Annual UPI transactions rocketed from 1.78 crore in FY17 to 24,162 crore in FY26, per Finance Ministry data. 4,000-fold value jump: Transaction value ballooned from ₹0.07 lakh crore to ₹314 lakh crore over the same decade. Bank participation explosion: From 21 pilot banks in 2016 to...
