New Delhi

UPI transactions at retail stores have increased by 33 per cent in semi-urban and rural areas this year, reflecting the growing adoption of digital payments, says a report.

Moreover, insurance policy purchases and premium collections saw a 127 per cent increase in transaction volume and a 96 per cent growth in new customer adoption during the year, the report by branchless banking and digital network PayNearby said.

"The data highlights the role digital retail stores play in overcoming the challenges of insurance penetration across Bharat," it stated.

The report is based on an analysis of real transaction data from over 10,00,000 small retailers (kirana stores, mobile recharge stores etc) offering financial and digital services spread across India in rural and semi-urban regions.  

The findings compare business data from January to November 2024 with the same period in 2023. The report, Retail-O-Nomics, stated that there has been a 297 per cent volume rise across credit products, including business loans, gold loans, personal loans, and revolving credit in rural and semi-urban areas.