UPI transactions logged 118% growth at semi-urban retail stores in 2023: Report

Unified Payments Interface (UPI) transactions saw a 118 per cent increase in semi urban stores, with a 106 per cent jump in volume and value, as per a report unveiled on Wednesday.

According to fintech company PayNearby’s ‘Retail-O-Nomics’ report, mPOS (Mobile Point of Sale) acceptance witnessed 5 per cent growth in value, while new registered retailer count increased by 9 per cent, which suggests the adoption of technology among small merchants.

Insurance policy purchases and premium collections surged by 150 per cent in transaction volume and 140 per cent in new customer adoption. 

This underlines the role of digital retail stores in addressing the challenges of insurance penetration, the report stated.

The report is based on transactions conducted across a million-plus PayNearby retail

Touchpoints – kirana stores, mobile recharge stores, medical shops, customer service points (CSPs), travel agents, etc. throughout the country and compares business data from January to November 2023 with the same period last year.