73% users will stop using UPI if…: What new survey reveals
Most users will stop using Unified Payments Interface (UPI) if a transaction fee is levied on it, an online survey by LocalCircles revealed. Respondents also claimed that they have paid a transaction fee on their UPI payment once or more in the last one year, the survey added as 73% of those surveyed indicated that they will stop using UPI if a transaction fee is brought.
Of these 23% said that they are willing to bear a transaction fee on payment.
The survey polled over 34,000 respondents in over 364 districts which included 67% of male respondents and 33% of women.
“37% of UPI users surveyed claim that they have experienced a transaction fee being levied on their UPI payment once or more in the last 12 months,” the survey report said.
On frequencey of UPI usage, the survey found that 1 in 2 UPI users make over 10 transactions every month. Government data shows that UPI transactions in the country have grown from 92 crore in financial year 2017-18 to 8,375 crore in 2022-23.
This is at a compound annual growth rate (CAGR) of 147% in terms of volume, data showed, adding that the value of UPI transactions has grown from ₹1 lakh crore in 2017-18 to ₹139 lakh crore in 2022-23 at a CAGR of 168%.
Other than India, several countries including Sri Lanka, France, UAE, Singapore, Sri Lanka, and Mauritius have introduced UPI payment options.
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