According to the Branchless Banking and Digital Networks report, ancillary financial transactions at semi-urban and rural retail counters in the country were expected to grow by 25 per cent and 14 per cent in value and volume, respectively, in 2022. PayNearby,
While it has increased by 25 percent Demand For Micro-ATM and mPOS devices EMI Collections from financial institutions and NBFCs saw a sharp increase of over 200 per cent.
However, there has been a slight decline in the average cash withdrawal per transaction, from Rs 2,620 in 2021 to Rs 2,595 in 2022. Anand Kumar Bajaj, MD & CEO, PayNearby, said, “The lending is a testament to our commitment to making these services easily available at nearby stores.”
The report noted that this indicates a change in consumer behavior in these regions, with more citizens adopting digital mediums for their banking and lifestyle needs and joining the formal economy.
The report also indicated a sharp increase of over 200 per cent in cash collections Business (including EMIs) with a monthly average of Rs 1,400 crore, indicating demand for lending and other financial solutions has returned to pre-pandemic levels.
“We have serviced digital services worth around Rs 70,000 crore in the first 10 months of this calendar year and the steady growth of the cash withdrawal business as well as the rapid adoption of some of these green shoot services is a sign of continued recovery in our economy. indicate post the devastating impact of the pandemic,” Bajaj said.