These findings come as UPI continues to experience rapid growth. In the 2023-24 fiscal year, UPI transactions surpassed 100 billion for the first time, reaching a total of 131 billion. The value of transactions also increased significantly, reaching Rs 199.89 trillion.
The survey’s results are particularly significant given the increasing reliance on UPI for a wide range of transactions, from daily purchases to bill payments. Any potential introduction of transaction charges could have a substantial impact on the usage of UPI and the overall digital payments landscape in India.
In response to the survey findings, LocalCircles plans to escalate the matter with the Ministry of Finance and the Reserve Bank of India (RBI) to ensure that the concerns of UPI users are taken into account before any decisions regarding transaction charges are made.
“With UPI rapidly becoming an integral part of nearly 4 in 10 consumers, there is strong resistance to any kind of direct or indirect transaction charges being imposed. LocalCircles will escalate the findings of this survey with the Ministry of Finance and Reserve Bank of India (RBI) so that the pulse of the UPI user is taken into account before any MDR charges are permitted,” the survey report said.
2024-09-24 16:45:03 Vehicles wait in traffic in the town of Damour, south of the capital…
LOS ANGELES -- Kathryn Crosby, who appeared in such movies as “The 7th Voyage of…
TEHRAN, Iran -- Rescuers on Monday recovered the bodies of more workers killed in an…
2024-09-24 16:20:03 ORCHARD PARK, N.Y. (AP) — Damar Hamlin wouldn’t — just couldn’t — let…
2024-09-24 16:10:05 Buffalo Bills safety Damar Hamlin's miraculous comeback reached another milestone Monday as he…
Over the weekend, Tufts University announced that 12 players on the men’s lacrosse team had…