look news india
UPI Survey: Unified Payment Interface (UPI) has become so popular in India that people use UPI apps even for small payments. Be it any big transaction or big money transfer, UPI is the first choice of the people. The reason is that it is free of charge, very easy and very fast. Due to all these benefits, India is emerging as the world leader in UPI transactions. However, the use of this payment interface may decrease in future – this has been revealed in a survey.
Will the use of UPI decrease, know the results of the survey
If transaction charges are imposed on the popular mobile payment system UPI, most users will stop using it. This has come to light in an online survey of the local circle. 73 percent of those surveyed indicated that they would stop using UPI if fees were imposed on UPI payments. In LocalCircle's survey, a large number of people also claimed that one or more transaction charges have been imposed on their UPI payments in the last one year.
After talking to 34 thousand people, the local circle continued the survey.
Local Circle said on Sunday that more than 34,000 people from more than 364 districts have given their opinion in the survey. Of them, 67 percent were men and 33 percent were women. The survey revealed that almost 50 percent of UPI users conduct more than 10 transactions every month through this payment mode. The survey also said that only 23 percent of UPI users are willing to pay transaction fees on payments.
The issue of charge on UPI payment was raised in August 2023 – Finance Ministry came forward.
The Reserve Bank of India had released a discussion paper in August 2022. It has been proposed to impose charges on UPI payments based on different amounts. However, the Finance Ministry later issued a clarification that there is no proposal to impose fees or charges on UPI transactions.