More than two in three Indians use UPI: Survey
The results revealed that nearly two-thirds of the respondents used UPI, and the most popular use of UPI was making payments at local shops and merchants.
By Nikita Kwatra & Lakshay Narang
September 2, 2024
In this article for Hindustan Times, Nikita Kwatra, Principal, and Lakshay Narang, Senior Associate, Artha Global, analyse the results of a survey run by Artha Global’s Centre for Rapid Insights (CRI) on the use of the Unified Payments Interface (UPI) in the country. They found that more than two in three Indians use it. Excerpts below:
“Interestingly, sending money to friends and family was more popular among women and third-gender individuals than among men, while using UPI for online shopping was most popular among third-gender users of UPI.”
“This survey not only corroborates prevailing trends of UPI usage but also uncovers several intriguing questions for further investigation. For instance, while P2P transactions were reported as the second most popular transaction type, it would be insightful to identify the specific purposes for these transactions. Additionally, while nearly half of all P2P transactions in July 2024 had an average value of ₹166, suggesting potential misclassification of many P2M transactions as P2P, rectifying this misclassification can prevent revenue loss for UPI stakeholders such as banks and third-party app providers. Moreover, the usage of UPI should not be limited to just low value transactions.”
You can read the full article here.
