May 16th, 2023: 70% MSMEs believe more than half of their retail sales will be via UPI, was the key revelation of the NeoInsights study titled ‘Decoding Digital Payments: A Retailer Perspective’, released today by NeoGrowth, an MSME-focused digital lender in India.
The study was based on a comprehensive assessment of NeoGrowth's customer data set of 3000 retailers along with a survey of 1000 retailers across the nation. The study covered the digital payments adoption behaviour of Indian retailers across 25+ cities and 70+ industry segments.
Arun Nayyar, Managing Director and CEO, NeoGrowth, said “There has been a remarkable adoption of digital payments among retailers in India. MSME Retailers are increasingly recognizing the benefit of using digital payments in their business driven by ease of use and customer convenience. UPI is spearheading the adoption of digital payments among Retailers by ticking all the right boxes. We, at NeoGrowth, will continue to support the MSME sector to leverage the power of digital payments to improve their financial health and drive business growth. Digital Payments are a powerful tool to extend credit to underserved and unserved retailers. We are confident that the Indian retail landscape is well-positioned for a bright and prosperous future.”
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