UPI vs the Rs 40 lakh crore wall: Why cash is still winning
Be honest, how much cash do you have in your wallet right now? For many, it’s probably just a few Rs 10 or Rs 20 notes. With the rise of the Unified Payments Interface (UPI), paying for everything, from a chai outside the office to splitting a restaurant bill, can now be done in seconds with a few taps. Yet, cash hasn’t faded away. According to a report by SBI Research, currency in circulation in India hit an all-time high of nearly Rs 40 lakh crore in January 2026, up 11.1% from a year ago.
