UPI transactions surge 118% in semi-urban & rural stores, shows report

Unified Payments Interface (UPI) transactions grew 118 per cent in volume and 106 per cent in value at semi-urban and rural stores in the country, underlining strong adoption in geographies beyond tier two regions, a report by fintech company PayNearby showed.

This development follows strong growth in UPI volumes and transaction values over the past year. In November this year, UPI transactions clocked a volume of 11.24 billion transactions and a value of Rs 17.4 trillion, according to data from the National Payments Corporation of India (NPCI).