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Growth is evident in various product offerings. It is seen in many areas like UPI, Cash Withdrawal, MSME Credit, Utility Payment, Cash Management, Assisted E-Commerce. People get these through local counters. These are available through various channels like kirana stores, mobile recharge stores, medical shops, customer service points, travel agents etc.
The report also points out that there has been a huge jump in UPI transactions in terms of value and volume. UPI payments are gaining acceptance beyond Tier 2 cities as well. This illustrates the role of UPI in digital financial inclusion.
Pay Nearby has shared this information in the second edition of its Pan India Report ‘Retail Onomics’. The report is based on interactions at over one million touchpoints across the country. The report compares the period from January to October 2022 with the same period of the previous year.
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A detailed look at the Empos business shows a growth of more than 100 percent. There is a 25% increase in demand for micro ATMs and POS instruments. There has also been an increase in cash withdrawals through micro ATMs. There was an increase of 25% on value basis and 28% increase on volume basis.
The trend of using digital payment devices is widespread even in small retail stores. It has brought down the gap between rural and urban people on digital platform. Financial inclusion is possible here by involving common people.
Through these trends, semi-urban and rural areas have almost equal representation in this growth.
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