73% of the people in the survey say that they will stop using UPI if the platform starts implementing any type of fee on their platform. Thus, it will become difficult for the platform as well to lose such a big percentage of users from the platform in this case. Will it still take the step to charge the transaction fee? We will share details about the UPI transactions fee system and people’s responses below.
73% of People Will Not Use UPI For Transactions If They Started Charging Transactions Fee
As we all know the UPI is a free-to-use tool for all users to make transactions. Thus, all users need to have this access forever. However, things are changing after UPI announces transaction fee charges. Some transactions are free yet. For example, transactions with any friends are still free. However, some recharges or bill payments started charging transaction fees over the actual amount.
For example, all the mobile recharges have transaction fees using UPI. Many customers mention that they have transaction fees on other payments as well. The customers started using UPI in huge numbers. It made India the world’s first country to discover a payment system without charges. However, will UPI maintain its USP? The big question arises as to the effect of UPI charging fees over the transactions. As per the data from 34,000 UPI users from 364 districts, 73% of the people said that they won’t use UPI for transactions after the charges apply. Of them, around 67% were men and 33% were women.
The rest agreed to charges to some degree. 4% of people said that they were not sure about what should be done. The question was ‘According To You, If Charges Were to be introduced On UPI Transactions, What Format Should Be Used? Around 12% answered that there should be a fixed fee per transaction. While 5% says that the fee should be some percentage of the transaction value, not a fixed one. 6% say that a Fixed fee up to a certain threshold and a percentage of transactions value above that is a better option.
These UPI transactions are increasing every month making more transactions over the platform. It will be interesting to see whether UPI continues with the decision or it steps back. As a huge chunk of the population is sill against the UPI transaction charges. We hope you get enough details about UPI transaction fees and people’s responses above. Stay tuned for more information on our website.