New Delhi- North-eastern states and Jammu & Kashmir are increasingly adopting Aadhar-enabled financial services, according to a report.
Meghalaya topped the list with a 1000 percent growth in AePS (Aadhaar Enabled Payment System) transaction value and a 712 percent increase in the number of transactions, followed by Nagaland and Assam, the report by fintech firm PayNearby said.
Retail stores in Jammu and Kashmir witnessed a growth of over 134 percent in value and 89 percent in the volume of Aadhar-enabled payment transactions in FY24.
The ‘Atmanirbhar Bharat Digital Empowerment’ report by PayNearby, a company that offers branchless banking and a digital network, drew insights from transactions across 12 lakhs plus retail touchpoints throughout the country.
The findings are based on business data gathered for the fiscal year 2023-24 compared to the previous fiscal year.
Transaction value at MicroATMs of Mizoram and Meghalaya grew by 55 percent and 43 percent respectively, whereas volume grew by 33 percent and 43 percent respectively, the report said.
MicroATM transactions at retail stores in Jammu & Kashmir saw a 31 percent increase in both value and volume.
“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,” Anand Kumar Bajaj, Founder, MD, and CEO, of PayNearby, said.
The report further revealed that transactions on UPI QR codes at retail outlets grew by 84 percent.
The state of Assam ranked first in terms of overall financial and digital transactions, followed by Madhya Pradesh, Gujarat, Maharashtra, and Rajasthan.
Punjab marked a 29 percent increase in disbursing MSME loans through retail stores, the highest in the country.
Telangana and Uttar Pradesh noted the highest growth in e-commerce transactions.
