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J&K records 130% surge in AePS transactions

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June 5, 2024
digital

Srinagar, Jun 04: Digital transformation is fast sweeping across Jammu and Kashmir, which witnessed an unprecedented surge of more than 130% in AePS (Aadhaar-enabled Payment System) transactions.

As per the Atmanirbhar Bharat Digital Empowerment report by PayNearby, Jammu & Kashmir the union territory witnessed a growth of over 134 percent in value and 89 percent in volume of AePS transactions in FY24 at retail stores.

The report further highlights that MicroATM transactions at retail stores in Jammu & Kashmir saw a 31 percent increase in both value and volume.

This surge underscores the increasing adoption of digital payment solutions in the region, marking a significant shift towards cashless transactions and financial inclusivity.

The AePS, a bank-led model that enables online interoperable financial transactions at point-of-sale (PoS) through the business correspondent of any bank using the Aadhaar authentication, has emerged as a pivotal tool in advancing financial inclusion efforts across the country.

The Aadhaar-enabled Payment System facilitates various banking services, including balance inquiry, cash withdrawal, cash deposit, and fund transfer, using Aadhaar authentication.

The report also indicated a similar trend in the Northeastern states as Meghalaya tops the chart with a 1000 percent growth in AePS transaction value and a 712 percent increase in the number of transactions, showcasing the region’s rapid acceptance of financial services, followed by Nagaland and Assam.

In addition, transaction value at MicroATMs of Mizoram and Meghalaya grew by 55 percent and 43 percent respectively, whereas volume grew by 33 percent and 43 percent respectively, it stated.

Experts attribute this significant growth in AePS transactions to multiple factors, including the growing penetration of smartphones, improved digital infrastructure, and increased awareness among consumers about the benefits of digital payments. (With KNO inputs)


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