QR codes are increasingly being scanned in India! UPI is the most prevalent transaction mechanism in rural and semi-urban India.

The most popular financial transaction mechanism in rural and semi-urban India is the User Payment Interface (UPI). According to the survey, 38% of participants from these locations use UPI for their transactions, with younger respondents (18-35 years old) showing a particularly strong preference.
However, 11% are unlikely to use UPI at all, and 19% continue to rely on cash.

The report, "Financial Inclusion through Technology and Literacy in India: Strategies for Sustainable Growth," shows that rural areas are becoming more financially aware, with 96% of respondents stating they want to save and invest. Furthermore, more than half of the participants (55%) stated a desire to learn more about financial management, indicating the need for education on budgeting, insurance, loans, and savings.
Despite the development in digital payments, traditional banking remains important; 86% of account holders in rural and semi-urban areas prefer to visit bank branches in person. 60% of borrowers get their loans through official banking channels.

Saurabh Chandra of EY India stressed the need of financial inclusion in India's economic strategy, citing the huge potential of financial literacy and technology to empower rural areas. The survey also revealed significant gender inequalities, with 69% of women using digital banking, but only 44% doing so on a regular basis. Furthermore, 18% of women are unaware of major government programs such as APY and PMJDY.

The study underlines the importance of collaboration between financial institutions, politicians, and technology companies in closing these gaps and ensuring long-term growth. It advocates for both urgent efforts to boost financial tool accessibility and the long-term development of a tech-driven ecosystem capable of offering safe, personalized financial services.

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