In a concerted effort to gain deeper insights into the Unified Payments Interface (UPI) ecosystem, the Ministry of Electronics and Information Technology (MeitY) has called for an extensive survey. The primary objective is to enhance understanding and explore avenues to expand the reach of digital payments in India.
Key Questions to be Explored:
1. Do women exhibit a higher inclination towards UPI usage compared to men?
2. Are digital payments predominantly utilized for fund transfers or for acquiring essential goods and groceries?
3. What is the average transaction size for UPI payments?
MeitY’s Move:
MeitY has formally approached the Ministry of Statistics and Programme Implementation, urging them to orchestrate this pivotal survey. The survey is poised to delve into various aspects of digital payments, including the average transaction value through UPI, geographical patterns of UPI adoption, and public sentiment regarding UPI’s security.
The Shift Towards UPI:
The ministry is keen to ascertain whether UPI has supplanted credit and debit cards as the primary mode of conducting substantial transactions. UPI transactions recently crossed the remarkable milestone of 10 billion transactions per month for the second consecutive month in September.
Dominance of UPI:
Undoubtedly, UPI, promoted by the National Payments Corporation of India (NPCI), has rapidly evolved into the favored mode of payment within the span of six years. In the financial year 2022-23, UPI accounted for a staggering 73% of the total volume of 114 billion digital transactions.
Broader Inquiries:
Beyond UPI, the survey aims to probe into the average expenditure on electronic devices such as mobile phones, laptops, and personal computers. Furthermore, it seeks to comprehend the nature and quantity of job opportunities generated by UPI and other digital payment interfaces over the years.
Ambitious Goals:
This endeavor aligns with the larger aspirations of the IT ministry, which aims to cultivate a $1 trillion digital economy in the coming years. In addition to this survey, the ministry has been actively pursuing strategies to gauge the dimensions of the digital economy.
Conclusion:
As UPI continues to redefine India’s payment landscape, MeitY’s comprehensive survey endeavors to shed light on the intricacies of this digital payment ecosystem. The findings will likely inform future policies and initiatives aimed at fostering the growth of digital transactions in the country.
