Charge on UPI Transaction: If any kind of transaction charge is imposed on UPI service, 75 percent of users will stop using it. This conclusion has been drawn in a survey released by ‘Localcircles’ on Sunday.
As per the survey, 38% of users make 50% of their payment transactions via UPI instead of debit cards, credit cards, or any other form of digital mode.
The survey says that only 22 percent of UPI users are willing to bear the burden of transaction fees on payments. At the same time, 75 percent of people said that if transaction fees are imposed, they will stop using UPI.
This survey was conducted on three broad areas. It received 42,000 responses from 308 districts. However, the number of responses to each question was different.
15,598 responses were received to the question related to transaction charges on UPI.
The National Payments Corporation of India (NPCI) has recorded a record 57 per cent growth in transaction volume and 44 per cent in value in 2023-24 as compared to the previous fiscal year.
For the first time, UPI transactions have crossed 100 billion in a financial year. It will be 131 billion in 2023-24, while it was 84 billion in 2022-23.
The report said that in terms of value, it has increased from Rs 1,39,100 billion to Rs 1,99,890 billion.
Shared UPI transactions account for more than 50 per cent
According to the survey, 37 per cent of respondents said shared UPI transactions account for more than 50 per cent of their total payments in terms of value.
The survey report said, “UPI is rapidly becoming an integral part of the payments of four out of 10 consumers. Hence, there is strong opposition to levying any kind of direct or indirect transaction fee.”
localcircles (Local circles) The findings of this survey will be forwarded to the Ministry of Finance and Reserve Bank of India (RBI) so that the pulse of the UPI user can be taken into consideration before allowing any MDR charges.
This survey was completed online between 15 July and 20 September.
