Jammu & Kashmir and the northeastern states have experienced a significant surge in Aadhaar-enabled financial transactions in FY24, as reported by fintech start-up PayNearby.
Meghalaya led the increase with a staggering 1000 per cent rise in Aadhaar Enabled Payment System (AePS) transaction value and a 712 per cent increase in transaction volume. Following closely were Nagaland and Assam, which also showed substantial growth, according to the report.
In addition, the transaction value at MicroATMs in Mizoram and Meghalaya grew by 55 per cent and 43 per cent respectively, while the transaction volume increased by 33 per cent and 43 per cent respectively.
In Jammu & Kashmir, retail stores reported a 134 per cent growth in the value of Aadhaar-enabled payment transactions and an 89 per cent increase in transaction volume. MicroATM transactions at these retail stores saw a 31 per cent increase in both value and volume.
PayNearby’s MD and CEO, Anand Kumar Bajaj, commented on the findings, “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.”
The “Atmanirbhar Bharat Digital Empowerment” report by PayNearby, which operates a branchless banking and digital network, analysed over 1.2 million retail touch points nationwide. The data compared transactions from the fiscal year 2023-24 to the previous year.
The report also highlighted an 84 per cent growth in transactions on UPI QR codes at retail outlets. Assam topped the overall financial and digital transaction rankings, followed by Madhya Pradesh, Gujarat, Maharashtra, and Rajasthan.
Additionally, the report noted a 29 per cent increase in MSME loan disbursements through retail stores in Punjab, the highest in the country, while Telangana and Uttar Pradesh observed the most significant growth in e-commerce transactions.
