UPI transactions see 650% rise at semi-urban, rural stores: Report
- IBEF
- December 7, 2022
The unified payments interface (UPI) transactions witnessed a sharp spur of 25% and 14% in value and volume with a meteoric 650% rise across semi-urban and rural stores in India, according to a report by PayNearby. With the growing demand for micro-ATMs and mPOS, the EMI collections witnessed a steep growth of over 200%. In addition, there has been a slight dip in the average cash withdrawal per transaction from US$ 31.8 (Rs 2,620) in 2021 to US$ 31.5 (Rs 2,595) in 2022.
This behavioural shift indicates the rising adoption of digital means for their banking and lifestyle requirements. According to Mr. Anand Kumar Bajaj, founder, MD, and CEO of PayNearby, in the first ten months of the current fiscal year, the company handled close to US$ 8.4 billion (Rs. 70,000 crores) in digital services, and the steady growth of the cash withdrawal business, along with the quick adoption of some of these green-shoot services, refers to a steady recovery of our economy following the devastating impact of the pandemic.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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