75% UPI Users To Drop Service If Transaction Fees Kick In, Survey Reveals

New Delhi: A recent survey by research agency LocalCircles has revealed that 75 per cent of Unified Payments Interface (UPI) users would stop using the service if regular transaction fees were introduced. Only 22 per cent of users said they would be willing to pay fees for UPI transactions, while 3 per cent remained uncertain.

What Is In Survey?The survey found that over the past 12 months, 37 per cent of UPI users have been charged transaction fees more than once. It also noted that 38 per cent of users conduct more than half of their payments via UPI, preferring it over debit, credit, or other digital payment methods. Sample Size And Other DetailsThe survey gathered 42,000 responses from 308 districts across India. It was conducted between July 15 and September 20, 2023. The participants included 63 per cent men and 37 per cent women. Around 41 per cent of the respondents were from Tier 1 cities, 30 per cent from Tier 2, and 29 per cent from smaller towns and rural areas.

UPI Transactions In IndiaIn addition, the National Payments Corporation of India (NPCI) reported that UPI transactions saw a record-breaking increase in both volume and value in the financial year 2023-24. The number of transactions jumped by 57 per cent, while the value surged by 44 per cent compared to the previous year.For the first time, UPI transactions crossed 10,000 crore in 2023, up from 8,400 crore in 2022. The total value of these transactions in FY 2023-24 reached Rs 199.89 trillion, a sharp rise from Rs 139.1 trillion the year before. In the first quarter of the current financial year, UPI transactions grew over 36 per cent, reaching Rs 66 lakh crore.