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A recent survey by LocalCircles has found that 75% of UPI users will stop using the service if transaction fees are introduced. The survey, which gathered responses from 15,598 UPI users, asked how they would react to potential charges on UPI transactions.
According to the results, 75% of respondents insisted that there should be no fees for UPI transactions. Only 22% of users expressed willingness to pay a fee. Specifically, 5% supported a fixed fee per transaction, 6% agreed to a percentage-based fee, and 11% were okay with a fixed fee up to a certain limit, plus a percentage on amounts above that. Meanwhile, 3% did not provide a clear response.
The report noted that the percentage of users opposed to paying a fee has increased from 73% in March 2024 to 75% now. LocalCircles plans to share these findings with the Ministry of Finance and the Reserve Bank of India (RBI) to ensure UPI users’ opinions are considered before any transaction fees are implemented.
Additionally, the survey indicated that 38% of respondents conduct over 50% of their payment transactions through UPI, while 37% manage over half of their total payment value via UPI. LocalCircles stated, “With UPI becoming essential for nearly 4 in 10 consumers, there is strong resistance to any direct or indirect transaction charges.”
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