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Thursday, April 18, 2024

If a transaction charge is imposed, 73% of users indicate they will no longer utilize UPI: Take a look

<p>According to a recent poll, 73% of respondents said they would quit using UPI if there was a transaction charge.</p>
<p><img loading=”lazy” decoding=”async” class=”alignnone wp-image-472453″ src=”https://www.theindiaprint.com/wp-content/uploads/2024/03/UPI-processes-record-7.3-bn-transactions-in-October-1-1-750×500.jpg” alt=”” width=”985″ height=”658″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2024/03/UPI-processes-record-7.3-bn-transactions-in-October-1-1-750×500.jpg 750w, https://www.theindiaprint.com/wp-content/uploads/2024/03/UPI-processes-record-7.3-bn-transactions-in-October-1-1-1024×683.jpg 1024w, https://www.theindiaprint.com/wp-content/uploads/2024/03/UPI-processes-record-7.3-bn-transactions-in-October-1-1-768×512.jpg 768w, https://www.theindiaprint.com/wp-content/uploads/2024/03/UPI-processes-record-7.3-bn-transactions-in-October-1-1.jpg 1200w” sizes=”(max-width: 985px) 100vw, 985px” /></p>
<p>The lack of transaction cost is one of the main reasons why most people have adopted UPI; if there were a price, many would either stop using UPI altogether or use it less often.</p>
<p>More than 34,000 people from more than 364 districts responded to the LocalCircles poll; 33% of respondents were women and 67% of respondents were males.</p>
<p>According to the report, one in two UPI users completes more than ten transactions each month when asked how often they use the service.</p>
<p>According to the poll, some platforms or merchants charge a convenience or transaction fee for UPI transactions. Approximately 37% of UPI users reported having experienced at least one such case in the previous year.</p>
<p>The Rs 20 convenience fee that IRCTC charges for UPI payments is one of the most often mentioned instances by customers. It has also been alleged that a number of other payment gateways charge merchants a transaction fee for UPI transactions, some of which are then passed on to the customer.</p>
<p>The amount of UPI transactions in February was Rs 18.28 lakh crore, with a daily increase in transactions from 39.3 crore in January to 41.7 crore last month. This is true even with the restrictions the RBI imposed on Paytm, one of the top three UPI systems in the nation.</p>
<p>The RBI published a discussion paper in August 2022 that suggested charging users of UPI payments in tiers according to various amount ranges.</p>
<p>It was made clear by the finance ministry that there was no plan to charge for UPI transactions. Customers from all around India have, however, complained that some platforms charge a transaction or convenience fee for UPI payments.</p>
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