Jammu & Kashmir and North-Eastern States witness surge in AePS transactions: PayNearby Report

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    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.

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