‘UPI QR transactions jump 33% at retail stores this year’

New Delhi: UPI transactions at retail stores have increased by 33 per cent in semi-urban and rural areas this year, reflecting the growing adoption of digital payments, says a report.

Moreover, insurance policy purchases and premium collections saw a 127 per cent rise in transaction volume and a 96 per cent growth in new customer adoption during the year, the report by branchless banking and digital network PayNearby said.

The report is based on an analysis of real transaction data derived from over 10,00,000 small retailers offering financial and digital services spread across India in rural and semi-urban regions.

The findings compare business data from January to November 2024 with the same period in 2023.

The report, Retail-O-Nomics, stated that there has been an impressive 297 per cent volume rise across credit products, including business loans, gold loans, personal loans, and revolving credit in rural and semi-urban areas.