New Delhi: UPI has rapidly made its mark in India and has now become a major means of payment. Its popularity has increased so much that now many foreign countries have also started adopting this system. UPI transactions are increasing every month, which has reduced people's cash usage. A recent survey has revealed a shocking fact, which says that if any fee is imposed on UPI transactions, about 75 percent of people will stop using it.

Fees on UPI transactions

According to a report, Business Standard reported on Sunday that people do not accept any kind of fee on UPI transactions. The survey found that about 37 percent of people are making 50 percent of their total expenditure through UPI. The use of credit and debit cards for digital transactions is also decreasing rapidly. At the same time, according to the report, only 22 percent of people are ready to pay fees on UPI transactions, while more than 75 percent of people are against it. In this survey, about 42,000 people from 308 districts were asked questions.

Transaction data

According to data from the National Payments Corporation of India (NPCI), the number of UPI transactions has increased by 57 percent and the number of transactions by 44 percent in FY 2023-24. The UPI transaction figure has crossed 131 billion for the first time. In FY 2022-23, this figure was 84 billion and now it has reached Rs 199.89 trillion in terms of value.

Strongly oppose the fees.

This survey was conducted online between July 15 and September 20 and its results will be sent to the Ministry of Finance and the Reserve Bank of India (RBI). According to the survey, UPI has now become an important part of 4 out of every 10 users. Therefore, people are strongly opposing any kind of direct or indirect fees.