UPI Survey: IIT-Delhi Study Reveals How Online Payments Are Forcing Us To Spend More

UPI Payments Survey: Smartphones and online payments have become the two most important things in our lives. UPI is used widely in the country due to its accessibility and feasibility. According to the National Payments Corporation of India, UPI transactions collectively amounted to Rs 1,330 Cr in April, a 50% percent growth from last year. Along with this, two major companies in this sector, PhonePay and GooglePay, have also increased their share. 

Increase in Online UPI Payments 

According to the reports, in April, the share of PhonePay has increased from 47.3% to 48.8%. While GooglePay’s share has also increased from 36.7% to 37.8%. Recently a report of IIT Delhi has been published in which it has said in a survey related to the use of UPI, 74% of the people spend more than necessary. The first reason is the easy process of online payment, due to which users can pay anywhere without thinking. Secondly, no need of keeping cash as each and every transactions depends on UPI now.