PayNearby, India’s hyperlocal fintech start-up, said that there was a rise of 96% and 27% in volume and value respectively in AePS withdrawals (Aadhaar ATMs) at Kirana outlets across the country during the lockdown. This growth was a direct result of the various relief funds disbursed by the Government to support citizens during the pandemic and was primarily led by rural and semi-urban areas, which witnessed a growth of 61% and 60% in transaction volumes.
The insight was shared as part of a detailed analysis on ‘assisted digital transactions’, amid Covid-19 – a Pan-India report titled ‘Retail-O-Nomics’, released by PayNearby. The report has been prepared basis transactions registered across more than a million retail touchpoints across the country.
While there was a minor blip (less than 2%) in the overall gross transaction value of assisted digital transactions at retail stores in the initial months of the lockdown, transaction volumes saw a huge spurt of more than 45% in the same period. This represented a dip in the average ticket size owing to cautious sentiments, reduced purchasing power and largely small ticket DBT withdrawals. It also represented reduced transactions from metro and urban areas, which witnessed a sharp dip of 32% and 64% respectively in gross transactional value (GTV), led primarily by the dip in money transfer business.