Local Circles survey Archives - Vizag One https://www.vizagone.com/tag/local-circles-survey/ Visakhapatnam - City of Destiny Sun, 29 Sep 2024 03:18:35 +0000 en-US hourly 1 https://wordpress.org/?v=6.7.1 https://www.vizagone.com/wp-content/uploads/2023/11/cropped-vizagone-logo-500x500-jpg-32x32.jpg Local Circles survey Archives - Vizag One https://www.vizagone.com/tag/local-circles-survey/ 32 32 The Rise of UPI Payments: Challenges and Future Trends https://www.vizagone.com/business/the-rise-of-upi-payments-challenges-and-future-trends/ https://www.vizagone.com/business/the-rise-of-upi-payments-challenges-and-future-trends/#respond Sun, 29 Sep 2024 03:18:33 +0000 https://www.vizagone.com/?p=29580 With the surge in UPI payments, a new debate emerges concerning potential charges. Discover the latest insights from a Local Circles survey and the implications for users and the industry.

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]]> The popularity of UPI payments has soared as smartphones and internet access become ubiquitous. From small tea houses to large malls, UPI is becoming the preferred payment method for many. Gone are the days of long bank queues; now, a simple click enables money transfers. Although UPI services are currently free, discussions are underway regarding the possibility of introducing charges for certain transactions.

A recent Local Circles survey revealed that 75% of users oppose the idea of paying fees for UPI payments. Interestingly, only 22% indicated they would continue to use UPI if charges were implemented. Additionally, 38% of respondents rely on UPI for half of their payment transactions, surpassing traditional methods like debit and credit cards.

The survey, conducted across 308 districts from July to September, gathered 15,598 responses on the topic of UPI transaction charges. Localcircles plans to present these findings to the central finance department and RBI to influence future decisions on merchant discount rates.

NPCI forecasts a 57% increase in UPI transactions by 2023-24, surpassing 131 billion transactions valued at Rs. 199.89 lakh crores. The industry is poised for significant growth, but the debate over potential charges could shape the future landscape of UPI payments.

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