DFS, M/o Finance releases Report titled “Socio-Economic Impact Analysis of Incentive Scheme for Promotion of RuPay Debit Card and low-value BHIM-UPI Transactions

New Delhi, Feb 16, 2026, PIB

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 on 13th–14th February 2026.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 the Government’s incentive framework in promoting digital payments, strengthening payment infrastructure, and advancing financial inclusion across the country.The Incentive Scheme was conceptualised as part of the Government of India’s broader policy objective of accelerating universal adoption of digital payments, reducing dependence on cash, and formalising routine economic activity. Introduced in FY 2021–22 and continued through FY 2024–25, the scheme provided structured budgetary support to acquiring banks and ecosystem participants to ensure that digital payments remained affordable, accessible, and sustainable for citizens and merchants alike.The socio-economic impact analysis is based on an extensive primary survey covering 10,378 respondents across 15 States, including 6,167 users, 2,199 merchants, and 2,012 service providers, representing the key stakeholders of India’s digital payments ecosystem along with in-depth secondary research. The study adopted a comprehensive sampling framework spanning five geographical zones- North, South, East, West, and North-East- covering urban and semi-urban locations. Fieldwork was conducted between 22nd July and 25th August 2025 using face-to-face Computer Assisted Personal Interviews (CAPI) to ensure accuracy, reliability, and high-quality data collection