By Unveiling the Reality Behind UPI Payments: A Revealing Survey
Upon glimpsing the headline, one might ponder: with UPI payments reigning supreme, is there anything this digital marvel isn’t accomplishing? The truth, however, is surprising. A recent survey, delving into UPI transactions, brought forth an intriguing revelation. The majority of participants in the survey preferred UPI payments, and the reasons behind this decision are unfolded in the following article.
Digital Transformation Sweeping the Nation
India is in the throes of a digital revolution, notably marked by a substantial surge in cashless transactions. Gone are the days of carrying physical currency; now, a smartphone is the only necessity. Whether making purchases, dining out, or embarking on a journey, individuals seamlessly transfer money through the UPI system. In light of this, UPI transactions have witnessed expansive growth. However, a pertinent question arises: what if transaction fees were imposed on UPI transactions? A surprising revelation emerged during our survey, shedding light on the sentiments of the populace. A significant number voiced their opposition to such charges, and the details are as follows.
Resistance to Transaction Fees
In the present scenario, UPI is the go-to choice for online transactions. Yet, a considerable number of respondents expressed concerns that the imposition of charges on UPI payments would lead to a decline in transactions. Approximately 73 percent of surveyed individuals shared this sentiment, having encountered transaction fees on UPI payments at least once in the past year. In contrast, 23 percent declared their willingness to bear transaction fees.
Nationwide Survey Insights
The survey encompassed 34,000 participants across 364 districts of the country, revealing a gender distribution of 67 percent men and 33 percent women. Among the respondents, 37 percent acknowledged paying transaction fees for UPI payments more than once in the last 12 months.
Rising Transaction Volumes
The survey further unveiled that one in two UPI users conducts more than ten transactions each month. Government figures highlight the meteoric rise of UPI transactions in India, surging from 92 crores in the financial year 2017-18 to an impressive 8,375 crores by 2022-23. Interestingly, UPI payments have transcended national boundaries, with countries like Sri Lanka, France, UAE, Singapore, and Mauritius adopting this payment option.
In essence, the survey not only provides insights into the preferences and concerns of UPI users but also underscores the pivotal role of UPI payments in shaping the digital landscape both within and beyond India.
