HomeBusinessUPI transactions up 118% in semi-urban, rural retail stores in 2023 :...

UPI transactions up 118% in semi-urban, rural retail stores in 2023 : Study

Published on

spot_img
UPI transactions see 650% rise at semi-urban, rural stores: Report
  1. UPI transactions at rural and semi-urban retail stores surged by 118% in 2023, demonstrating increased online payment adoption in Tier-II cities. By value, these transactions saw a rise of 106%, as reported by PayNearby’s ‘Retail-O-Nomics’ survey.
  2. The utilization of Mobile Point of Sale (mPOS) devices increased by 5% in 2023, indicating a growing trend towards digital payment acceptance, based on the same report.
  3. UPI transactions’ exponential growth was highlighted in a parliamentary session, indicating a remarkable rise from 92 crore transactions in 2017-18 to 8,375 crore transactions in 2022-23, showcasing a 147% CAGR in volume.
  4. This surge in digital payments through UPI has contributed to a decline of 7.8% in banknote circulation during the fiscal year 2022-23. The financial year 2023 witnessed 85.72 billion UPI transactions until December 11, 2023, solidifying UPI’s dominance in India’s digital payment ecosystem

Latest articles

Paytm users may take up to 6 months to shift to other service providers

Paytm is looking to migrate all existing customers to another payment service provider (PSP)...

Amazon Prepping Up For Budget-Friendly, Unbranded Fashion Route To Take On Meesho

Amazon has launched a new store called Bazaar on its platform, allowing sellers to...

Aakash Education post Rs 330 crore profit in FY23

Aakash Education, owned by BYJU’S, recorded a profit of INR 330 crore in FY23,...

AI Model Backed by Mukesh Ambani to Launch in March

A consortium backed by Mukesh Ambani’s Reliance Industries Ltd. and India’s top engineering schools...

More like this

Paytm users may take up to 6 months to shift to other service providers

Paytm is looking to migrate all existing customers to another payment service provider (PSP)...

Amazon Prepping Up For Budget-Friendly, Unbranded Fashion Route To Take On Meesho

Amazon has launched a new store called Bazaar on its platform, allowing sellers to...

Aakash Education post Rs 330 crore profit in FY23

Aakash Education, owned by BYJU’S, recorded a profit of INR 330 crore in FY23,...