Insurance policy transactions saw a remarkable 127% rise in volume, with a 96% growth in new customer adoption, highlighting the increasing role of digital retail in expanding insurance penetration in underserved areas.

Credit products, including business loans, gold loans, personal loans, and revolving credit, recorded a staggering 297% increase in volume, indicating rising grassroots awareness and demand for financial solutions.

However, micro ATM and Aadhaar Enabled Payment Systems (AePS) cash withdrawals declined slightly, with the average withdrawal amount dropping from ?2,624 in 2023 to ?2,482 in 2024. Notably, AePS withdrawals spiked by 35-45% during DBT disbursements under schemes like PM Kisan Yojana.

Jammu and Kashmir witnessed exceptional growth in cash withdrawals, with a 58% increase in value and 74% in volume.

“Equipping local retailers with diverse tools enables financial access and drives economic progress at the grassroots,” said Anand Kumar Bajaj, Founder and CEO of PayNearby.

Insurance policy transactions saw a remarkable 127% rise in volume, with a 96% growth in new customer adoption, highlighting the increasing role of digital retail in expanding insurance penetration in underserved areas.

Credit products, including business loans, gold loans, personal loans, and revolving credit, recorded a staggering 297% increase in volume, indicating rising grassroots awareness and demand for financial solutions.

However, micro ATM and Aadhaar Enabled Payment Systems (AePS) cash withdrawals declined slightly, with the average withdrawal amount dropping from ?2,624 in 2023 to ?2,482 in 2024. Notably, AePS withdrawals spiked by 35-45% during DBT disbursements under schemes like PM Kisan Yojana.

Jammu and Kashmir witnessed exceptional growth in cash withdrawals, with a 58% increase in value and 74% in volume.

“Equipping local retailers with diverse tools enables financial access and drives economic progress at the grassroots,” said Anand Kumar Bajaj, Founder and CEO of PayNearby.