Currency in circulation, ATM withdrawals, 10 countries, hinterland India… How UPI made a dent in the financial universe
PhonePe data indicates that UPI adoption is rising beyond major cities, with a 2025 Reserve Bank of India study showing a link between UPI growth and reduced cash demand. Currency in circulation growth slowed to 4-6%, while UPI transaction value reached 70% of currency outstanding by July 2026. This trend suggests a significant shift towards digital payments in India.