North-East, JK Surge in Aadhaar-Enabled Financial Services

   

SRINAGAR: North-eastern states and  Jammu and Kashmir are increasingly adopting Aadhar-enabled financial services, reports said.

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Meghalaya topped the list with a 1000 per cent growth in AePS (Aadhaar Enabled Payment System) transaction value and a 712 per cent increase in the number of transactions, followed by Nagaland and Assam, the report by fintech firm PayNearby said.

Retail stores in  Jammu and Kashmir witnessed a growth of over 134 per cent in value and 89 per cent in the volume of Aadhar-enabled payment transactions in FY24.

The Atmanirbhar Bharat Digital Empowerment’ report by PayNearby, a company that offers branchless banking and digital network, drew insights from transactions across 12 lakhs plus retail touchpoints throughout the country.

The findings are based on business data gathered for the fiscal year 2023-24 compared to the previous fiscal year.

Transaction value at MicroATMs of Mizoram and Meghalaya grew by 55 per cent and 43 per cent respectively, whereas volume grew by 33 per cent and 43 per cent respectively, the report said.

MicroATM transactions at retail stores in  Jammu & Kashmir saw a 31 per cent increase in both value and volume.

“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,” Anand Kumar Bajaj, Founder, MD and CEO, PayNearby, said.

The report further revealed that transactions on UPI QR codes at retail outlets growing by 84 per cent.

The state of Assam ranked first in terms of overall financial and digital transactions, followed by Madhya Pradesh, Gujarat, Maharashtra, and Rajasthan.

Punjab marked a 29 per cent increase in disbursing MSME loans through retail stores, the highest in the country.

Telangana and Uttar Pradesh noted the highest growth in e-commerce transactions.

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