UPI is a major agent of transformation, but seen through the prism of geography, prosperity and gender, it is the story of an uneven revolution. The adoption gap between rich and poor states, urban and rural regions, as well as men and women, remains substantial. Despite UPI’s relentless march across the length and breadth of the country, there are large swathes of the economy where cash still reigns supreme.
A handful of prosperous states serve as torchbearers for the revolution. Between April and June 2025, Maharashtra led with over 6 billion UPI transactions, nearly twice that of Karnataka, which came in shy of 4 billion. Uttar Pradesh, Telangana and Tamil Nadu followed. Four of these states are more industrialised and more prosperous. The exception is Uttar Pradesh, but it is a huge state in terms of population, so it records high transaction volumes in absolute terms. A look at state-wise per capita UPI usage further reveals that residents of richer states average about 13 UPI transactions per month. On the other hand, residents of poorer states average barely four UPI transactions per month. The economic prosperity of a state is a predictor of UPI adoption. Gender is a barrier to UPI adoption.