As UPI and digital wallets grow fast, India’s coin presses are reportedly slowing and going underused. The shift is leaving the currency system in limbo, with overlapping coin denominations and an unclear withdrawal policy. With cash demand weakening, mints that once ran steadily now struggle to stay relevant amid a digital payment surge.
A surprising gap is emerging: India’s wealthiest states are moving to cashless payments more slowly, even as UPI adoption accelerates in many others. States such as Tamil Nadu and Andhra have led digital-payment growth, while Gujarat, Karnataka, and Delhi lag. The paradox points to how prosperity can shape payment habits differently than expected.
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