The unified payments interface (UPI) transactions witnessed a meteoric 650 per cent rise at the semi-urban and rural stores in India this year, 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.