New Delhi, May 29 (PTI) North-eastern states and Jammu & Kashmir are increasingly adopting Aadhar-enabled financial services, according to a report.

Meghalaya topped the list with a 1000 per cent growth in AePS (Aadhaar Enabled Payment System) transaction value and a 712 per cent increase in the number of transactions, followed by Nagaland and Assam, the report by fintech firm PayNearby said.

Also Read | Goa Statehood Day 2024 Date: Know History and Significance of Goa Foundation Day Ahead of 37th Anniversary of State’s Formation.

Retail stores in Jammu and Kashmir witnessed a growth of over 134 per cent in value and 89 per cent in the volume of Aadhar-enabled payment transactions in FY24.

The ‘Atmanirbhar Bharat Digital Empowerment' report by PayNearby, a company that offers branchless banking and digital network, drew insights from transactions across 12 lakhs plus retail touchpoints throughout the country.

Also Read | Rules Changing From June 1 in India: From New Driving License Rules to Aadhaar Card Update and LPG Cylinder Price Revision, Know List of Changes To Come Into Effect From Next Month.

The findings are based on business data gathered for the fiscal year 2023-24 compared to the previous fiscal year.

Transaction value at MicroATMs of Mizoram and Meghalaya grew by 55 per cent and 43 per cent respectively, whereas volume grew by 33 per cent and 43 per cent respectively, the report said.

MicroATM transactions at retail stores in Jammu & Kashmir saw a 31 per cent increase in both value and volume.

"This reflects the critical role of retail outlets in facilitating easy access to banking services, especially in areas where traditional bank branches may not be easily accessible," Anand Kumar Bajaj, Founder, MD and CEO, PayNearby, said.

The report further revealed that transactions on UPI QR codes at retail outlets growing by 84 per cent.

The state of Assam ranked first in terms of overall financial and digital transactions, followed by Madhya Pradesh, Gujarat, Maharashtra, and Rajasthan.

Punjab marked a 29 per cent increase in disbursing MSME loans through retail stores, the highest in the country.

Telangana and Uttar Pradesh noted the highest growth in e-commerce transactions. PTI ANK

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)