According to a Localcircules survey, around 75% of UPI users will stop using UPI payments if transaction fees are levied.
The survey found that 38% of users make 50% of their payments through UPI rather than other digital payment options like debit cards, credit cards, or other mediums of online transactions.
Of the surveyed people, only 25% of UPI users showed interest in using UPI apps if the transaction fees apply.
The Localcircules has reported that they received 42,000 responses from 308 districts,, but the responses on each question differed
The National Payment Corporation of India, NPCI, shared it recorded a 57% volume increase and a 44% value increase in UPI transactions in FY 2023-24 compared to FY 2022-23.
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In FY 2023-24, the UPI transactions surpassed 100 billion, with a closing number of 131 billion, while it was recorded at 84 billion in FY 2022-23. In terms of value, the figures were recorded at Rs 199.89 trillion compared to Rs 139.1 trillion in the previous fiscal year.
The survey also reported that over 37% of respondents highlighted that UPI transactions hold 50% of their online payments.
“With UPI rapidly becoming an integral part of nearly 4 in 10 consumers, there is strong resistance to any direct or indirect transaction charges being imposed. LocalCircles will escalate the findings of this survey with the Ministry of Finance and Reserve Bank of India (RBI) so that the pulse of the UPI user is taken into account before any MDR charges are permitted,” the survey report said.
The Localcircules conducted this online survey between July 15 to September 20 this year.
With the growing number of UPI transactions, the government would aim to utilize this opportunity to generate revenue. However, it's also important to consider users who mostly make small payments through these applications. Putting any charges applicable on UPI transactions can significantly burden UPI users.
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