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UPI Transactions In India 2022: Today every other person is using mobile, due to which he is now buying his daily needs through digital payment. The use of Unified Payment Interface (UPI) in the country is increasing rapidly. In India, there has been a tremendous growth of 650 percent in UPI transactions in semi-urban and rural shops this year 2022. This thing has come to light in a report released on Tuesday.
what is report
According to a report by digital network Paynearby, value and volume of ancillary financial transactions at semi-urban and rural retail counters are set to increase by 25 per cent and 14 per cent, respectively, in 2022 in the country. There has been a 25 percent increase in the demand for micro-ATM and MPOS devices. The same has registered an increase of more than 200 percent in EMI collection for financial institutions and NBFCs. However, the average cash withdrawal per transaction has seen a slight decline, from Rs 2,620 in 2021 to Rs 2,595 per transaction in 2022.
What the founder of PayNearby said
According to media reports, PayNearby founder, MD and CEO, Anand Kumar Bajaj (Anand Kumar Bajaj, Founder, MD and CEO, PayNearby) said that India wants to move forward, and subsidiary commerce, OTT membership, micro-lending The increased uptake of services like Green Shoot reaffirms our commitment to make these services easily available at nearby stores. As the report mentions, this indicates a change in consumer behavior in these regions, with more citizens turning to a supportive digital platform for their banking and lifestyle needs and joining the formal economy .
Rs 70,000 crore digital service in 10 months
The report indicated a sharp growth of over 200 per cent in cash collection business (including EMIs) with a monthly average of Rs 1,400 crore. Which meets the demand for lending and other financial solutions. Now the Corona epidemic is over, and business is going on as before. Bajaj said that, from January to October this year, we have provided digital services worth about Rs 70,000 crore. In which case collection has increased continuously.
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