New Delhi: According to an online survey conducted by LocalCircles, a significant majority of individuals would discontinue using UPI if a transaction fee is imposed on it.
The survey also highlighted that a considerable number of respondents reported encountering transaction fees on their UPI payments at least once in the past year.
LocalCircles reported that the survey garnered over 34,000 responses from citizens across 364 districts, with 67 percent male respondents and 33 percent female respondents.
In August 2022, the Reserve Bank of India (RBI) released a discussion paper suggesting a tiered structure for charging fees on UPI payments based on different transaction amounts.
Subsequent to the RBI’s discussion paper, the finance ministry clarified that there were no plans to impose charges on UPI transactions, as stated in LocalCircles’ report on UPI transaction fees.
The survey revealed, “Only 23 percent of UPI users surveyed are willing to tolerate a transaction fee on payments. 73 percent of respondents indicated they would cease UPI usage if a transaction fee is introduced.” Additionally, when questioned about UPI usage frequency, the survey found that 1 in 2 UPI users conduct over 10 transactions monthly.
Responses varied across different survey questions. “A total of 37 percent of UPI users surveyed reported experiencing transaction fees being levied on their UPI payments at least once in the last 12 months,” the survey report stated.
