United Payments Interface (UPI) transactions at retail stores in rural and semi-urban India rose 118 per cent in 2023 from last year, said a report on Wednesday, marking the increasing adoption of online payments in Tier-II cities. By value, the transactions were up 106 per cent.
The acceptance of Mobile Point of Sale (mPOS) increased 5 per cent in 2023, said the report titled 'Retail-O-Nomics' by fintech firm PayNearby. It surveyed more than a million shops between January and November.
"The [UPI] transactions include not only banking and financial services, but also digital services like utility payment, cash collection, credit, insurance, assisted commerce and more, indicating a significant behavioural shift among consumers in these regions towards assisted digital methods for their banking and lifestyle needs, contributing to their integration into the formal economy," it said.