UPI Transaction FeesTransaction Fees: UPI has rapidly made its place in India. This convenient means of payment has now spread across the country. Apart from this, many countries of the world are also adopting this system. UPI transactions are increasing rapidly every month. Due to this, the use of cash by people has decreased rapidly. Now a survey has revealed a shocking thing. According to this, if fees are imposed on UPI transactions, then about 75 percent of people will stop using it.
No fees are levied on UPI transactions
Based on the report of Localcircles, Business Standard on Sunday claimed that people do not tolerate any kind of fee on UPI transactions. The survey has revealed that about 37 percent of people are spending 50 percent of their total expenditure through UPI. The use of credit card and debit card for digital transactions has also reduced.
The report says that only 22 percent of people are ready to pay fees on UPI transactions. But, more than 75 percent are strongly against it. In this survey, about 42 thousand people from 308 districts were questioned.
UPI transactions and transaction amount doubled
According to the data of National Payments Corporation of India (NPCI), in the financial year 2023-24, there has been a 57 percent increase in the number of UPI transactions and a 44 percent increase in the amount of transactions as compared to the previous financial year. For the first time, the figure of UPI transactions has crossed 131 billion. In the financial year 2022-23, this figure was 84 billion.
In terms of value, this figure has reached Rs 199.89 trillion in the last financial year, which was Rs 139.1 trillion in the financial year 2022-23.
The report will be sent to the Finance Ministry and RBI
This survey was conducted online between July 15 and September 20. According to the survey, UPI has rapidly become an integral part of the lives of 4 out of every 10 users. They are strongly opposing the imposition of any kind of direct or indirect fees. Local Circles has said that it will also give the results of the survey to the Ministry of Finance and the Reserve Bank of India (RBI).