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UPI transactions see 650% rise at semi-urban, rural stores: Report
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IANS | 06 Dec, 2022
The unified payments interface (UPI) transactions witnessed a meteoric
650 per cent rise at the semi-urban and rural stores in India this year,
a report showed on Tuesday.
There was a growth of 25
per cent and 14 per cent in value and volume, respectively, in assisted
financial transactions across semi-urban and rural retail counters in
the country in 2022, according to the report by branchless banking and
digital network PayNearby.
While there was a 25 per cent increase
in the demand for micro-ATMs and mPOS instruments, the EMI collections
for financial institutions and NBFCs saw a steep growth of over 200 per
cent.
However, there has been a slight dip in the average cash withdrawal per transaction, from Rs 2,620 in 2021 to Rs 2,595 in 2022.
"Bharat
is aspirational, and the increased off-take of green shoot services
like assisted commerce, OTT subscription, micro-lending validates our
commitment to make these services easily available at a store nearby,"
said Anand Kumar Bajaj, Founder, MD and CEO, PayNearby.
This
indicates a behavioural shift in the consumers in these regions, with
more citizens adopting assisted digital means for their banking and
lifestyle requirements and getting incorporated into the formal economy,
the report mentioned.
The report also indicated a sharp growth
of over 200 per cent in the cash collection business (including EMIs)
with a monthly average of Rs 1,400 crore, indicating demand for lending
and other financing solutions, bouncing back to the pre-pandemic levels.
"We
have serviced close to Rs 70,000 crore of digital services in the first
10 months of this calendar year and the steady growth of cash
withdrawal business, together with the fast track adoption of some of
these green shoot services indicate a steady recovery of our economy
post the devastating impact of the pandemic," said Bajaj.
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