Semi-urban and rural Karnataka have been witnessing a significant uptake in financial inclusion and digitisation in recent times, according to a study by financial services firm Payworld.
The State has reported 40% increase in use of digital financial services.
For instance, 96,255 railway tickets are being booked a year by semi-urban and rural customers through Payworld platform alone. The number has been on the rise and is increasing constantly to reach 60,000 tickets per month.
In addition, over 200 Aadhaar-Enabled Payment transactions take place every day in rural pockets, as per data.
Money remittance services are also on the rise with Payworld alone facilitating an average of 9,000 transactions every day with an average ticket size of ₹2,650.
“Covering Karnataka was a challenge initially due to the vast demographics, but we were able to build a strong network of 10,000 retailers, who provide financial services to people living at the bottom of the pyramid,”’ said Praveen Dhabhai, COO, Payworld.
Thanks to the availability of digital financial services platforms, people in remote villages and hamlets need not travel long distances for basic transactions.