The government’s initiative towards digitisation has further resulted in the success of AePS (Aadhar-enabled Payment System) adoption in Jammu & Kashmir as the union territory witnessed a growth of over 134 per cent in value and 89 per cent in volume of AePS transactions in FY24 at retail stores, reveals ‘Atmanirbhar Bharat Digital Empowerment’ report by PayNearby. The report further highlights that MicroATM transactions at retail stores in Jammu & Kashmir saw a 31 per cent increase in both value and volume.
Meanwhile, Punjab has witnessed the highest growth in disbursing MSME loans through retail stores, with 29 per cent increase. Insurance disbursals through retail stores also saw a significant uptick, with Kerala and Madhya Pradesh recording 24 per cent and 14 per cent increase, respectively.
Additionally, the report indicates a strong shift towards digital payments with the transactions on UPI QR codes at retail outlets growing by 84 per cent.
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Anand Kumar Bajaj, founder, MD and CEO, PayNearby, said, “Over the past few years, we have witnessed an extraordinary transformation in financial and 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.”
Growth in Northeastern state
The report also indicated a similar trend in the Northeastern states of India as Meghalaya tops the chart with a 1000 per cent growth in AePS transaction value and 712 per cent increase in the number of transactions, showcasing the region’s rapid acceptance of financial services, followed by Nagaland and Assam.
In terms of MicroATM transactions, Mizoram and Meghalaya witnessed a growth in transaction value and volume with a growth of 55 per cent and 43 per cent respectively, whereas volume grew by 33 per cent and 43 per cent respectively.
Notably, Assam led with an increase in the number of retailers offering financial services and growth in overall transaction volumes at retail stores.
Furthermore, 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 hand holding in conducting such transactions.
From: financialexpress
Financial News
