Key Points
Unified Payments Interface or UPI continues to grow in popularity aided largely by broad-basing the eligible kinds of services like retail, financial services and RBI said in a research paper published by the Reserve Bank of India in its latest monthly bulletin..
E-commerce order volumes surged by 37.. per cent (y-o-y) due to festival sales and more than 50 per cent of the total sales in the year occurred through online platforms On the retail front, the Unified Payments Interface (UPI) achieved a record transaction value of `17.4 lakh crore, according to the RBI paper.. Survey by PayNearby, a branchless banking and digital network shows that UPI transactions saw a 118% and 106% increase in volume and value respectively during January-November this year over the same period a year ago at semi-urban and rural stores, representing the growing adoption of UPI beyond Tier II regions in the country..
The Reserve Bank has higher transaction limit for for financial services like for AMC, Broking, Mutual Funds,, collections (Credit card payments, Loan re-payments, EMI), Insurance, etc. where the transaction limit is `2 lakh...
Insurance policy purchases and premium collections surged by 150% in transaction volume and 140% in new customer adoption, underlining the role of digital retail stores in addressing the challenges of insurance.. penetration in Bharat, and their gradual evolution into multi-utility centres for citizens according to PayNearby...
The report has been prepared based on transactions conducted across a million-plus PayNearby retail.. touchpoints, consisting of kirana stores, mobile recharge stores, medical shops, customer service points (CSPs), travel agents, etc..
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