Digital payment options are now an essential part of our daily expenditure. UPI transactions are heavily preferred these days —from buying groceries at a local store to shopping in malls to recharging mobile data. And these are increasing exponentially everywhere, whether in urban cities or rural areas. A detailed analysis by PayNearby shows the rise in transactions in semi-urban areas.
UPI Transactions Saw Massive Growth In Semi-Urban Stores
People are getting more accustomed to UPI transactions and are adapting them everywhere. The numbers are witnessing a huge rise even beyond Tier II regions of India. This is a great example that focuses on how UPI is crucial for digital financial inclusion. PayNearby is the largest branchless banking and digital network in India. This analysis by PayNearby focuses on the growth in both value and volume of assisted financial transactions in the Indian semi-urban stores and rural retail counters of the year 2022.
Also read: Indians Can Use UPI To Make Hassle-Free Payments On Trips To Europe; Here’s How
According to PayNearby, assisted financial transactions in these stores and retail counters saw a rise of 25% in value and 14% in volumes till now in the running year 2022. This rise demonstrates how consumers are shifting to assisted financial means and UPI transactions. More and more people are making it a habit of using digital payment methods for purchasing and sending money.
There Are Product Offerings With Growth
Several product offerings of PayNearby experienced this growth. These offerings include
- Assisted E-Commerce
- Cash Management
- Cash Withdrawal
- MSME Credit
- Unified Payments Interface (UPI)
- Utility Payment
People used these services in various places such as grocery shops, medical stores, mobile recharge stores, travel services, and more.
According to the PayNearby analysis report, UPI transactions experienced a huge growth of 650% in value and 500% in volume as seen in various PayNearby retail counters. It shows how citizens are getting more and more accustomed to UPI transactions.
Also read: India’s RuPay Card & UPI Payments Make Debut In Oman
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There has been small but visible growth when it comes to subscription-based services like OTT platforms and online education.
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It saw a rise of 12% in value and 10% in volume when it comes to paying in local shops.
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Recharging mobile online also saw an increase of 18%.
What is your preferred method of payment? Are you also dependent on UPI transactions for everything or like to carry cash all the time?
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