UPI a key driver of financial inclusion, credit expansion: Economic Survey

India’s public digital payments infrastructure, led by the Unified Payments Interface (UPI), has played a central role in deepening financial inclusion and expanding access to formal credit, the Economic Survey 2025-26 said.

The zero-cost, public-good design of the UPI network has been key to its rapid adoption, particularly among small merchants, the survey observed.

Going ahead, it added, sustaining UPI’s success will require continued investment in infrastructure, reliability, and digital capabilities to ensure that its benefits are more evenly distributed.