UPI QR code transactions witness 84% rise at retail stores: Report
J&K witness 134% growth in value of AePS transactions
Northeast India witness’s uptick in AePS transactions, Meghalaya taking the lead in growth
in transaction volume
Retail stores in J&K also witness a growth in MicroATM transactions by 31%
Telangana and Uttar Pradesh were the top two states that have seen a rise in e-commerce
transactions at retail stores
Mumbai, 29 May, 2024: The significant adoption of financial services in Jammu & Kashmir has led to
its transition towards a ‘Viksit’ Union Territory, aligned with the broader vision of a Prosperous
Bharat. The government’s initiative towards digitization has further resulted in the success of AePS
(Aadhar-enabled Payment System) adoption in the union territory. A similar trend has been
witnessed in a report released by PayNearby indicating a growth of over 134% in value and 89% in
the volume of AePS transactions in FY24, at Jammu & Kashmir retail stores. Likewise, MicroATM
transactions at retail stores in the Union Territory saw a 31% increase in both value and volume.
Additionally, the report indicates a strong shift towards digital payments with the transactions on
UPI QR codes at retail outlets growing by an impressive 84%.
PayNearby, India’s leading branchless banking and digital network, today released its ‘Atmanirbhar
Bharat Digital Empowerment’ report highlighting the growing acceptance of assisted financial and
digital services at semi-urban and rural retail stores such as kirana stores, medical stores, and mobile
recharge stores.
The report indicated a similar trend in the Northeastern states of India, which have seen remarkable
growth in AePS transactions. Meghalaya tops the chart with a 1000% growth in AePS transaction
value and a 712% increase in the number of transactions, showcasing the region’s rapid acceptance
of financial services. This is followed by Nagaland and Assam, both of which also demonstrated
impressive growth in AePS transaction value and the number of transactions.
In terms of MicroATM transactions, Mizoram and Meghalaya witnessed a growth in transaction
value and volume. Transaction value of both these states grew by 55% and 43% respectively,
whereas volume grew by 33% and 43% respectively.
Anand Kumar Bajaj, Founder, MD & CEO, PayNearby, said, “Over the past few years, we have
witnessed an extraordinary transformation in financial & digital services across Bharat, especially in
Jammu & Kashmir and the Northeast states. This reflects the critical role of retail outlets in
facilitating easy access to banking services, especially in areas where traditional bank branches may
not be easily accessible. We are dedicated to empowering local retailers and ensuring that essential
financial and digital services are accessible to everyone and everywhere.”
The report further highlights the growing reliance on and trust in local retail stores to provide
essential financial services such as cash withdrawals, deposits, credit, e-commerce, and insurance.
Notably, Assam led with an increase in the number of retailers offering financial services and growth
in overall transaction volumes at retail stores. Additionally, Telangana and Uttar Pradesh were the
top two states experiencing a rise in e-commerce transactions at these stores, showcasing an
increase in the adoption of online shopping among the aspirational population that requires
handholding in conducting such transactions.
Moreover, Punjab has witnessed the highest growth in disbursing MSME loans through retail stores,
with a notable 29% increase. Insurance disbursals through retail stores also saw a significant uptick,
with Kerala and Madhya Pradesh recording 24% and 14% increase, respectively.
The report has been prepared based on transactions across 12 lakhs plus retail touchpoints
throughout the country. The findings of the report are based on business data collected for a
comparison period, ranging from FY 2023-24 vis-à-vis the corresponding previous financial year.
