India’s largest branchless banking and digital network PayNearBy has released its 3rd edition of the ‘Retail-O-Nomics’ report.
Unified Payments Interface (UPI) transactions saw a 118% and 106% increase in volume and value respectively at semi-urban and rural stores, representing the growing adoption of UPI beyond Tier II regions in the country.
The report has been prepared based on transactions conducted across a million-plus PayNearby retail touchpoints, consisting of kirana stores, mobile recharge stores, medical shops, customer service points (CSPs), travel agents, etc. throughout the country.
The findings compare business data from January to November 2023 with the same period in the year 2022.
As per the report, the nationwide new registered retailer count increased by 9%, underscoring the eagerness of the retail community to participate in India’s growth story by facilitating assisted financial and digital transactions at nearby stores.
Incepted in April 2016, PayNearby is a DPIIT-certified company and India’s leading branchless banking and digital payments network. PayNearby operates on a B2B2C model, where it partners with neighbourhood retail stores and enables them with the tools to provide digital and financial services to local communities.
PayNearby, through its tech-led DaaS (Distribution as a Service) network, serves 75% of India and is enabling services like cash withdrawal, remittance, Aadhaar Banking, bill payment and recharges, savings, travel, digital payments, insurance and more.
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