Honorable Minister of Finance and Corporate Affairs, Government of India, Nirmala Sitharaman, announced today that India has the highest Fintech adoption rate of 86% as opposed to the global average rate of 63%, which proves the fact that India is a prime destination for digital activities and payments.
The Global FinTech Fest was organized by Fintech Convergence Council (FCC) and Payments Council of India (PCI), National Payments Corporation of India (NPCI), the two Councils of Internet and Mobile Association of India (IAMAI) where the Finance Minister drew attention to the digital payments which have seen huge growth from 2 lakh crore Rupees worth of digital transactions in 2019 to 4 lakh crore Rupees transaction in 2020.
From January to August 2021, the last eight months witnessed further movement, reaching INR 6 lakh crore worth of digital transactions with several individual transactions at 355 crores, showing active participation from not only users but also Industries and the Government in the digital ecosystem.
Fintech startups are changing and remaking themselves in order to adapt to futuristic technologies and environments for making India the Fintech destination. There is a combination of FinTechs in India which are innovating at a high pace with user’s interest to embrace digital platforms.
Finance Minister also revealed the Principles of UN for Responsible Digital Payments at the Global Fintech Festival today. She stated that “The UN Principles for Responsible Digital Payments is arriving in at the perfect time, especially when countries are competing against each other to reach their maximum population with technology”.
Finance Minister Nirmala Sitharaman, said, “Under the leadership of Honorable Prime Minister Narendra Modi, India has democratized financial services and hastened the disposal of digital public good infrastructure that advances financial incorporation and progress towards sustainable development goals,”
“The UN principles on digital payments have come at the right time and will serve as an important resource to all stakeholders in delivering digital payments based on the principles of trust, consent, privacy, transparency, and choice for the end-user,” Sitharaman added.