Money & Banking

Average ticket size of AePS transactions rising: Rapipay Fintech

Surabhi Mumbai | Updated on July 09, 2021

Rapipay reported an 18 per cent increase in AePS transactions in June this year compared to May

 

The average transaction size for Aadhaar Enabled Payment System has increased in recent months along with the volume of transactions on the platform with greater adoption.

“The average ticket size of AePS transactions has increased from ₹2,500 to ₹2,900 in the last two quarters, showing increasing trust and usage of AePS in India, especially in the rural markets,” said Yogendra Kashyap, MD and Founder, RapiPay Fintech.

Monthly data from the National Payments Corporation of India had revealed that AePS transactions in June stood at 8.75 crore in volume and ₹24,667.8 crore in value. In contrast, there were 8.42 crore transactions worth ₹24,619.24 crore in May on the platform.

Daily AePS transactions in July have also remained high. On July 6, there were 31.7 lakh AePS transactions amounting to ₹854.95 crore.

Rapipay reported an 18 per cent increase in AePS transactions in June this year compared to May.

Kashyap attributed this growth to reopening of markets and movement of people in June after lockdown restrictions were eased.

“This gave required impetus to businesses across industries and hence cash withdrawal requirement in both urban and rural markets increased,” he said.

Rapipay also reported an 38 per cent increase in overall cash out transactions from AePS and Micro ATMs in the first quarter of the fiscal as against the fourth quarter of 2020-21.

Published on July 09, 2021

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