Summary:

According to PayNearby's analysis, UPI transactions in rural and semi-urban regions have increased by 33%, indicating a growing popularity of digital payments. The report also shows a 127% rise in transaction volume for insurance policy sales and premium collections, along with a 96% increase in new client acquisition. This data from over 10,00,000 small retail outlets highlights the role of digital retail businesses in expanding insurance coverage across India.

The Retail-O-Nomics report reveals a 297% increase in credit product transactions, underscoring the rising demand for credit solutions at the grassroots level. However, micro-ATM and Aadhaar Enabled Payment System (AePS) cash withdrawals have decreased slightly, with average withdrawals falling from US$ 30.82 in 2023 to US$ 29.15 in 2024. Notably, AePS withdrawals saw an increase during Direct Benefit Transfer (DBT) releases, especially for the PM Kisan Yojana, with significant growth in Jammu and Kashmir.

Source: IBEF

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