UPI transactions soar 118% in semi-urban, rural stores

Transactions on the Unified Payments Interface (UPI) platform rose 118% year-on-year at retail stores in semi-urban and rural areas in 2023, indicating a wider adoption beyond tier-II regions.

Transaction value rose 106% YoY, a report from PayNearby on assisted digital transactions showed. The findings compare business data from January-to-November 2023 with the year-ago period.

The report has been prepared on the basis of transactions conducted across PayNearby retail touch-points — kirana stores, mobile recharge stores, medical shops, customer service points and travel agents.