Jammu and Kashmir and the northeastern states have experienced a significant surge in Aadhaar-enabled financial services adoption during the fiscal year 2023-24, as per a study conducted by fintech start-up PayNearby. Meghalaya showcased the highest growth, with a remarkable 1000 per cent increase in AePS (Aadhaar Enabled Payment System) transaction value and a 712 per cent rise in transaction volume, closely followed by Nagaland and Assam. Mizoram and Meghalaya witnessed notable growth in MicroATM transactions, with transaction values growing by 55 per cent and 43 per cent, and volumes increasing by 33 per cent and 43 per cent, respectively.
In Jammu and Kashmir, retail stores experienced a substantial uptick of over 134 per cent in the value and 89 per cent in the volume of Aadhaar-enabled payment transactions during FY24. Additionally, microATM transactions at retail outlets in the region saw a 31 per cent increase in both value and volume. PayNearby’s MD and CEO, Anand Kumar Bajaj, emphasized the pivotal role of retail outlets in providing convenient access to banking services, especially in areas where traditional bank branches are scarce.
The ‘Atmanirbhar Bharat Digital Empowerment’ report by PayNearby, which analyzed transactions across more than 1.2 million retail touchpoints nationwide, highlighted the significant growth in digital transactions. Assam emerged as the leader in overall financial and digital transactions, followed by Madhya Pradesh, Gujarat, Maharashtra, and Rajasthan. These insights were based on business data collected for the fiscal year 2023-24, compared to the previous fiscal year.
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