Rural, Semi-Urban UPI Transactions Rise By 118%
There was a 118 per cent surge in transactions on the Unified Payments Interface (UPI) platform at retail stores in semi-urban and rural areas in 2023, signaling broader acceptance beyond tier-II regions.
According to PayNearby's report on assisted digital transactions, transaction value also climbed by 106 per cent year-on-year. This data contrasts business figures from January-to-November 2023 with the same period in the previous year.
The report is based on transactions conducted across various PayNearby retail touchpoints, including kirana stores, mobile recharge outlets, medical shops, customer service points and travel agents.
In 2023, the count of newly registered retailers in rural and semi-urban stores increased by 9 per cent. This demonstrates the eagerness of the retail community to engage in India's growth story by facilitating assisted financial and digital transactions in nearby stores.
Overall, transactions, encompassing banking and financial services along with digital services like utility payments, cash collection, credit, insurance and assisted commerce, grew by 10 per cent both in volume and value.
Cash collection at retail counters notably rose by 65 per cent, indicating a growing demand for credit and financial solutions across the country. Various lenders collectively saw an average monthly collection of Rs 1,700 crore. Notably, business, personal and gold loans experienced rapid traction among credit products.
The report also highlighted a positive uptick in subscriptions for OTTs, online education, and online gaming, reflecting Bharat's increasing interest in digital products.
