UPI may be shut down if transaction fees are imposed, a big thing came out in the survey

New Delhi : A survey has come out on Sunday regarding UPI, which is used for online payments in the country. This survey has been released by LocalCircles, which has revealed a conclusion. If transaction fees are levied on UPI service, then 75 percent of the users using it can stop using it.

According to the survey, 38 percent of users make 50 percent of their payment transactions through UPI instead of debit card, credit card or any other type of digital medium. The survey says that only 22 percent of UPI users are ready 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 for the question related to transaction charges on UPI.

The National Payments Corporation of India (NPCI) has recorded a record 57 percent increase in transaction volume and 44 percent increase in value in 2023-24 as compared to the previous financial year. For the first time, UPI transactions have crossed 100 billion in a financial year. It was 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.

According to the survey, 37 per cent of the respondents shared UPI transactions account for more than 50 per cent of their total payments in terms of value. The survey report said, “UPI is fast becoming an integral part of the payments of four out of 10 consumers. Hence, there is strong opposition to the imposition of any kind of direct or indirect transaction fee.”

LocalCircles will forward the findings of this survey to the Ministry of Finance and Reserve Bank of India (RBI) so that the pulse of the UPI user can be taken into account before allowing any MDR charges. The survey was conducted online between July 15 and September 20.