India one of the fastest growing markets with over 2,100 operational fintechs: Piyush Goyal

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Updated: September 30, 2021 2:26 PM

JAM (Jan Dhan, Aadhaar and Mobile) trinity has enabled India to leverage its technical capabilities for developing the fintech sector, he said at the Global Fintech Fest 2021 organised by the National Payments Corporation of India.

piyush goyalIn May this year, a revised proposal was submitted by 62 co-sponsors, including India, South Africa, and Indonesia. (File)

India is poised to become one of the largest digital markets with rapid expansion of mobile and internet as the country is one of the fastest growing markets with over 2,100 fintechs operational, Commerce and Industry Minister Piyush Goyal said on Thursday.

JAM (Jan Dhan, Aadhaar and Mobile) trinity has enabled India to leverage its technical capabilities for developing the fintech sector, he said at the Global Fintech Fest 2021 organised by the National Payments Corporation of India. He added that fintech companies are playing a crucial role in financial inclusion in the country.

Goyal also said the fintech sector has demonstrated the resilience and adaptability of citizens towards technology and at 87 per cent, India has the highest fintech adoption rate in the world against the global average of 64 per cent.

“Today, India is one of the fastest growing markets with over 2,100 fintechs operational,” he said adding “the non-financial services sectors are also proactive in adopting fintech solutions. With expansion of their value chains, the demand for fintech services will grow exponentially”.

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