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Over 70% Users To Stop Using UPI If Transaction Fee Is Levied: Survey

Inc42 · 1y ago

Over 70% Users To Stop Using UPI If Transaction Fee Is Levied: Survey

A survey conducted by LocalCircles found that the majority of Indian users oppose the imposition of transaction fees on Unified Payments Interface (UPI) transactions. Approximately 73% of the respondents said they would stop using UPI if a fee is introduced, while only 23% were willing to bear the transaction cost. The survey also revealed that some platforms or merchants have been charging an additional convenience fee for UPI payments. This comes after the Reserve Bank of India proposed levying transaction charges on UPI payments earlier this year. Despite these concerns, UPI transactions continue to increase steadily in India.

Related News

MeitY calls for survey to gauge popularity of UPI

Economic Times

Economic Times · 1y ago

MeitY calls for survey to gauge popularity of UPI

The Ministry of Electronics and IT in India has requested the Ministry of Statistics and Programme Implementation to conduct a survey on the popularity and usage of digital payments, particularly the Unified Payments Interface (UPI). The survey aims to gather information on various aspects such as the average ticket size of UPI payments, the geographical areas with higher adoption, and whether people feel secure using UPI for transactions. The ministry also wants to determine if UPI has replaced credit and debit cards for large-value transactions. This effort seeks to understand the UPI ecosystem and explore ways to increase the outreach of digital payments.

NPCI May Fix 1.2% Interchange For Credit Line On UPI Transactions: Report

Inc42 · 1y ago

NPCI May Fix 1.2% Interchange For Credit Line On UPI Transactions: Report

NPCI is reportedly planning to issue a circular next week regarding an interchange fee of 1.2% on credit line UPI transactions. This comes as part of NPCI's efforts to explore a lower interchange fee structure for UPI transactions compared to credit card transactions. In June, UPI transaction volume amounted to INR 20.07 Lakh Cr, a 1.9% decrease from May and a year-on-year comparison.

RBI Increases Transaction Limits For UPI123Pay, UPI Lite

Inc42 · 9m ago

RBI Increases Transaction Limits For UPI123Pay, UPI Lite

- RBI increases the per transaction limit for UPI123 Pay from INR 5,000 to INR 10,000 - The transaction limit for UPI Lite is raised from INR 500 to INR 1,000 - UPI Lite wallet limit is increased from INR 2,000 to INR 5,000 - UPI123 Pay is a service introduced in 2022 for feature phone users - UPI123 Pay allows users to access UPI services without an internet connection - UPI123 Pay supports 12 languages for seamless accessibility.

UPI sets all-time high with 19.47 Bn transactions in July

Entrackr

Entrackr · 1d ago

UPI sets all-time high with 19.47 Bn transactions in July

UPI sets all-time high with 19.47 Bn transactions in July Unified Payments Interface (UPI) processed an all-time high of 19.47 billion transactions worth Rs 25.08 lakh crore in July, according to data released by National Payments Corporation of India (NPCI). This marked a 5.8% rise in transaction volume and a 4.3% increase in value compared to June 2025, when UPI logged 18.40 billion transactions totaling Rs 24.04 lakh crore. The average daily transaction count also pushed higher to 628 million in July. Year-on-year, UPI maintained its strong growth momentum, with the transaction volume in July 2025 rising by 35% and the total value of transactions increasing by 22% compared to July 2024. While the breakdown numbers for UPI apps are yet to be released, PhonePe accounted for 46.5% of the total UPI volume and nearly 50% of the value as of June. Google Pay captured a 35.6% share by volume and 35% by value, while Paytm remained in third place with 6.9% of the total UPI volume and 5.6% of the value. UPI is live in countries like Bhutan, Nepal, Mauritius, Sri Lanka, Singapore, France, Oman, and the UAE. NPCI plans further expansion to Qatar, Thailand, Malaysia, and other Southeast Asian nations. The UK, Oman, Maldives, and Namibia are also exploring or initiating UPI integration. According to reports, ICICI Bank has started charging payment aggregators and large merchants a fee for UPI transactions, breaking the zero-fee model. This move marks a shift in India’s UPI system, which was previously free for merchants under a government-backed policy.

Payment apps open pilots to cash in on NPCI’s new UPI Circle

Economic Times

Economic Times · 11m ago

Payment apps open pilots to cash in on NPCI’s new UPI Circle

Major payment applications like Amazon Pay, Google Pay, and Bhim are testing a new feature called UPI Circle on Unified Payments Interface (UPI). UPI Circle allows users to delegate payments from their UPI-linked account to others, such as their children. It provides a secure way for secondary users to make transactions, with options for the primary user to authenticate each transaction or set transaction limits. This feature aims to attract new users, especially young consumers and the elderly, and create a more inclusive and convenient financial ecosystem.

Tata Neu Infinity HDFC Bank Credit Card updates NeuCoin rewards on UPI transactions: Key changes explained

Money Control

Money Control · 1y ago

Tata Neu Infinity HDFC Bank Credit Card updates NeuCoin rewards on UPI transactions: Key changes explained

Starting from August 1, Tata Neu Infinity HDFC Bank credit cardholders will experience changes to the rewards program regarding UPI transactions. Previously, users earned 1.5% back as NeuCoins, but now they will earn 0.5% back on eligible UPI transactions. However, by using the Tata Neu UPI ID, users can gain an additional 1% back as NeuCoins. The maximum NeuCoins that can be earned per month will remain at 500. The credit will be distributed to the user's credit card account and Tata Neu account, depending on the transaction method. Certain transactions, such as fuel purchases and cash advances, are not eligible for UPI rewards.

NPCI Planning Lower Interchange Fee To Boost Credit Use On UPI

Inc42 · 1y ago

NPCI Planning Lower Interchange Fee To Boost Credit Use On UPI

The National Payments Corporation of India (NPCI) is considering a lower interchange fee for credit lines on the Unified Payment Interface (UPI) in an effort to promote their adoption. The current interchange fee for credit card transactions is around 1.8%-2%, but the NPCI is exploring a fee ranging between 1%-1.2% for credit lines on UPI. Banks and fintech apps like Paytm and Google Pay are ready to offer credit lines on UPI, but are waiting for clarity on the interchange fee. The RBI approved credit lines on UPI in September 2020.

PhonePe reports outage, other UPI apps also hit

Economic Times

Economic Times · 2m ago

PhonePe reports outage, other UPI apps also hit

PhonePe experienced an outage, affecting payments and fund transfers. The disruption also impacted other UPI apps like Paytm and Google Pay, with thousands of users reporting issues. This marks the third UPI service disruption in a month. Previous outages in April were attributed to a surge in requests from certain banks excessively using the "Check Transaction" API, which caused temporary slowdowns and reduced payment success rates, according to the National Payments Corporation of India (NPCI).

Amazon Pay UPI usage grows 16% YoY amid festive sales

YourStory

YourStory · 9m ago

Amazon Pay UPI usage grows 16% YoY amid festive sales

During the first 48 hours of the Amazon Great Indian Festival 2024, Amazon Pay UPI saw a 16% year-on-year growth. To leverage this momentum, Amazon introduced the "Bumper Rewards" program, offering users rewards of up to Rs 10,000 for completing UPI transactions. This initiative aims to incentivize users to make payments both on and off Amazon.in, with rewards given after certain transaction milestones. Amazon Pay has gained over 100 million UPI users since its launch in 2019 and processed transactions worth Rs 7,845.04 crore in September 2024.

UPI transactions cross 100-billion mark in 2023

Money Control

Money Control · 1y ago

UPI transactions cross 100-billion mark in 2023

According to data shared by the National Payments Corporation of India (NPCI), transactions through the Unified Payments Interface (UPI) platform surpassed 100 billion in 2023, marking a 60% growth compared to the previous year. In December alone, UPI recorded 12 billion transactions with a cumulative value of Rs 18.23 lakh crore. With its growing popularity, UPI is expected to surpass Mastercard's daily transaction volume of 440 million sometime this year. Moreover, UPI has over 9.6 crore credit card users in India, with transactions exceeding Rs 1.6 lakh crore.

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