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UPI has become the most preferred method of transaction among small businessmen, business is growing with digital technology
UPI: According to the report of PayNearby, 48% of the small businessmen of the country have described UPI as their preferred payment method. The report also said that 42% of women are also giving preference to Aadhaar banking. At the same time, 71% of the businessmen are doing business with smartphones, which has also given them a profit of 73%.
The country's small businesses (MSMEs) are increasingly adopting online transactions. The report of PayNearby states that around 48% of the country's small businessmen have termed UPI as their most preferred payment mode. 39% individuals opted for Aadhaar-based banking after this. The report further mentions that women businessmen have opted for Aadhaar banking as much as 42%. The reason behind this is attributed to growing trust on safe technologies such as fingerprint and face identification.
71% of the people involved in the survey described a smartphone as their main business tool. Among women, this figure is even higher, reaching 84%. According to the report, one in three businessmen reported improvement in their operations by adopting digital tools. At the same time, 73% of small businessmen experienced an increase in income or improvement in operations. Although this number is still low, 7% of businessmen have started using AI and automated tools such as inventory apps, billing systems and customer engagement platforms.
On the other hand, regarding the increasing transactions of UPI, Anand Kumar Bajaj, Founder and CEO of PayNearby, said that MSMEs are the backbone of India's economy. The rapid adoption of digital tools such as smartphones, UPI, Aadhaar banking and AI shows that this sector is now moving towards complete modernity.
