In a recent online survey conducted by LocalCircles, a noteworthy sentiment has emerged among users of the Unified Payments Interface (UPI) in India. The survey, which gathered responses from over 34,000 individuals across 364 districts, indicates a resounding apprehension towards the prospect of transaction fees being introduced on UPI payments. A substantial 73 per cent of respondents expressed their clear intent to discontinue using UPI if transaction fees were imposed.
The survey, encompassing 67 per cent male and 33 per cent female participants, reflects the collective sentiment of UPI users across the nation. This overwhelming response emphasizes the importance of free transactions for users and their resistance to any potential charges.
LocalCircles points out that a significant portion of respondents (37 per cent) reported encountering transaction fees on their UPI payments within the past year. This revelation contradicts previous assurances from both the Reserve Bank of India (RBI) and the finance ministry, which had conveyed that there were no immediate plans to implement transaction charges on UPI payments.
In August 2022, the RBI released a discussion paper proposing a tiered fee structure for UPI transactions based on varying transaction amounts. Despite subsequent clarifications from the finance ministry that dismissed the imminent imposition of fees, concerns among users have persisted.
The survey not only highlights the apprehensions regarding potential transaction fees but also provides insights into UPI usage patterns. Half of the respondents indicated that they conduct more than 10 transactions monthly, underscoring the vital role that UPI plays in facilitating digital payments across India.
