UPI transactions up 650% at semi-urban and rural stores: PayNearby

UPI transactions across rural- and semi-urban retail counters of PayNearby rose 650 per cent year-on-year for the 10-month period ended October 31. In terms of volumes, UPI transactions were higher by 500 per cent.

Overall, there was a 25 per cent rise in value of assisted financial transactions via retail counters, reflecting a behavioural shift and the growing adoption of digital transactions in these regions, said the company in a release.

The findings were part of the second edition of its report on assisted financial transactions titled ‘Retail-O-Nomics’. The report is based on transactions across 10 lakh retail touch points, such as kirana stores, mobile recharge stores, medical shops, customer service points and travel agents.

PayNearby said its mPOS business grew over 100 per cent, with a 25 per cent increase in demand for micro ATMs and mPOS instruments.

Cash withdrawal

Cash withdrawal business through micro ATMs and AePS rose 8 per cent, led by a 25 per cent increase in cash withdrawals through micro ATMs.

“This shows the growing role played by this portable digital device in ensuring easy accessibility of bank accounts, while helping merchants use cash-at-store more effectively and augment their income,” it said, adding that there has been a dip in average cash withdrawals to ₹2,595 from ₹2,620.

The cash collection business, including EMIs, rose 200 per cent, with a monthly average of ₹1,400 crore. Increased demand was witnessed across most cash collection processes, including collection from logistics and e-commerce companies and payment of insurance premiums at retail stores.

Bill payments services at local stores rose 12 per cent, mobile recharges by 18 per cent, flight bookings by 8 per cent, rail bookings at 6 per cent, and micro credit for MSMEs by 263 per cent, it said.