The survey, which obtained responses from over 42,000 people throughout 308 districts, discovered that 38% of respondents depend on UPI for greater than half of their cost transactions, making it their major technique for digital funds.This desire highlights the comfort and effectivity that UPI presents.
Regardless of its reputation, the survey additionally indicated that solely 22% of UPI customers can be prepared to pay a transaction charge. The remaining 75% expressed a transparent want to keep up the present fee-free construction.
UPI stays fashionable, however not sufficient to get ‘paid’
These findings come as UPI continues to expertise speedy development. Within the 2023-24 fiscal yr, UPI transactions surpassed 100 billion for the primary time, reaching a complete of 131 billion. The worth of transactions additionally elevated considerably, reaching Rs 199.89 trillion.
The survey’s outcomes are notably important given the growing reliance on UPI for a variety of transactions, from every day purchases to invoice funds. Any potential introduction of transaction prices might have a considerable affect on the utilization of UPI and the general digital funds panorama in India.
In response to the survey findings, LocalCircles plans to escalate the matter with the Ministry of Finance and the Reserve Bank of India (RBI) to make sure that the considerations of UPI customers are taken into consideration earlier than any selections relating to transaction prices are made.
“With UPI quickly changing into an integral a part of almost 4 in 10 customers, there may be robust resistance to any sort of direct or oblique transaction prices being imposed. LocalCircles will escalate the findings of this survey with the Ministry of Finance and Reserve Financial institution of India (RBI) in order that the heartbeat of the UPI person is taken into consideration earlier than any MDR prices are permitted,” the survey report mentioned.
