Technology
Internet snags a deterrent for UPI, finds survey
Summary
- Around 53% of MSME retailers in a new survey said internet issues and failed transactions were the biggest demotivator in using UPI transactions in their business.
Unified Payments Interface (UPI) has rapidly become ubiquitous with its availability across platforms, and convenient and user-friendly interface. A recent study by new-age lender NeoGrowth shows a shifting trend among small-level retailers as well, with 72% preferring UPI transactions and only 30% picking cash or cheque.
However, the digi-lender’s data, shared exclusively with Mint, also found that the trend is uneven, with adoption seeing a drop in Delhi and Mumbai in the past three years (the survey took place in October-December in 2019 and 2022). Internet issues and failed transactions were the top hindrance for retailers in the micro, small and medium enterprises (MSME) sector.
As UPI continues to gain popularity, Mint examines the trend:
