India beats global average in fintech adoption: FM Nirmala Sitharaman

By: |
September 29, 2021 3:30 AM

The value of digital transactions in India jumped to Rs 6 lakh crore in January-August 2021 from Rs 4 lakh crore in the entire 2020 and Rs 2 lakh crore in 2019, she said.

With India’s growing middle class with purchasing power ability offers an opportunity to investors to produce in India for the the large captive market.With India’s growing middle class with purchasing power ability offers an opportunity to investors to produce in India for the the large captive market.

India has emerged as a “prime destination” for the digital payment revolution, with fintech adoption rate of 87%, much above the global average of 64%, finance minister Nirmala Sitharaman said on Tuesday.

“No wonder, UPI today comes out as one of the very big brand images for India. We are very happy to support it, strengthen it and further it,” the minister said at the ‘Global FinTech Fest 2021’.

At the same time, there should be no compromise on data privacy and safeguard of client data now that an increasing number of Indians have resorted to the digital mode of payment, she stressed.

The value of digital transactions in India jumped to Rs 6 lakh crore in January-August 2021 from Rs 4 lakh crore in the entire 2020 and Rs 2 lakh crore in 2019, she said.

“Data privacy is one of the things which is very important and it is an issue on which there can be a lot of contentious views. However, basic respect for privacy…as the guiding principle is well appreciated. Safeguard of client data, is something which I think is the backbone to bringing trust,” Sitharaman said.

Digitisation has enabled the government to put money directly into the accounts of the intended beneficiaries through the direct benefit transfer method. This mechanism came as a big relief during the Covid-induced lockdown, she added. “The payment systems have become matured and well-layered and have adopted several schemes that the government wanted to undertake.”

The event saw the release of a report on ‘UN principles for responsible digital payments’, which outlines guiding principles for the government, users and for industry and businesses. The report highlights the need for the participation of women in the fintech space.

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