UPI transactions surge 118% in semi-urban & rural stores
UPI transactions surge 118% in semi-urban & rural stores, shows report Unified Payments Interface (UPI) transactions grew 118 per cent in volume and 106 per cent in value at semi-urban and rural stores in the country, underlining strong adoption in geographies beyond tier two regions, a report by fintech company PayNearby showed. This development follows strong growth in UPI volumes and transaction values over the past year. In November this year, UPI transactions clocked a volume of 11.24 billion transactions and a value of Rs 17.4 trillion, according to data from the National Payments Corporation of India (NPCI). Mobile Point of Sale (MPOS) acceptance recorded a 5 per cent increase in value, representing an increase in the adoption of technology among small merchants. “The surge in GTV (gross transaction value) results from not only the growth in traditional banking and ATM services but also the adoption of products like UPI and mPOS, NTC credit s...