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UPI: A LocalCircles survey on Sunday revealed that 75% of UPI users would quit using the service if transaction fees were applied. According to the survey, 38% of consumers utilize UPI for more than 50% of their payments as opposed to credit, debit, or other digital methods.

Although the quantity of replies to each question varied, the survey, which claims to have gathered 42,000 responses from 308 districts, covers three main categories.

“Only 22 percent of UPI users surveyed are willing to bear a transaction fee on payments; 75 percent of respondents stated that they will stop using UPI if a transaction fee is introduced,” according to the report.

Inquiries about UPI transaction costs received 15,598 answers. In comparison to the previous fiscal year, the National Payments Corporation of India (NPCI) saw a 57% increase in transaction volume and a 44% increase in value in FY2023-2024.

Nearly 4 out of 10 customers now use UPI exclusively, thus there is tremendous opposition to any form of direct or indirect transaction fees. In order to ensure that the UPI user’s needs are met before approving any MDR charges, LocalCircles will bring the survey’s results to the attention of the Ministry of Finance and Reserve Bank of India (RBI), according to the article.

UPI transactions increased from Rs 84 billion in 2022-2023 to close at Rs 131 billion in the fiscal year, marking the first time they had exceeded the Rs 100 billion threshold. According to the report, the value increased to N139.1 trillion from N199.89 trillion.

According to the survey, 37% of participants’ value of UPI transactions accounted for more than 50% of their overall payments.

Online voting for the survey took place from July 15 to September 20.