A recent study by fintech startup PayNearby has revealed a significant surge in the adoption of Aadhaar-enabled financial services in Jammu and Kashmir and the northeastern states during the fiscal year 2024. The report highlights remarkable growth across various regions, with Meghalaya leading the charge.
According to the study, Meghalaya saw a staggering 1000% increase in the value of transactions conducted through the Aadhaar Enabled Payment System (AePS) and a 712% rise in transaction volume. Following closely were Nagaland and Assam, showing impressive growth figures as well.
In the realm of MicroATMs, Mizoram and Meghalaya exhibited notable growth. Mizoram's transaction value grew by 55%, while Meghalaya saw a 43% increase. In terms of transaction volume, both states recorded a 43% rise.
Jammu and Kashmir also showcased substantial progress. Retail stores in the region experienced a 134% increase in the value and an 89% increase in the volume of Aadhaar-enabled payment transactions. MicroATM transactions at these retail stores increased by 31% in both value and volume.
Anand Kumar Bajaj, MD and CEO of PayNearby, commented on these findings, saying, “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."
The findings were published in the 'Atmanirbhar Bharat Digital Empowerment' report by PayNearby. This report analyzed over 1.2 million retail touchpoints nationwide, comparing business data from the fiscal year 2023-24 with the previous year.
The report also highlighted an 84% growth in transactions using UPI QR codes at retail outlets. Assam topped the list in overall financial and digital transactions, followed by Madhya Pradesh, Gujarat, Maharashtra, and Rajasthan.
Additionally, the study noted that Punjab saw a 29% increase in disbursing MSME loans through retail stores, the highest in the country. Meanwhile, Telangana and Uttar Pradesh experienced the highest growth in e-commerce transactions.
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