At 87%, India has the highest FinTech adoption rate in the world
New Delhi: At 87%, India has the highest FinTech adoption rate in the world against the global average of 64%, Union Minister of Commerce & Industry Piyush Goyal, said at the 2nd Global Fintech Fest-2021, today.
“As of May 2021, India’s United Payments Interface (UPI) has seen participation of 224 banks and recorded 2.6 billion transactions worth over $68 Bn and the highest ever, more than 3.6 Bn transactions, in Aug’21,” said Goyal. “Over 2 trillion transactions were processed using the AePS (Aadhar-enabled payment system) last year,” he added.
Goyal further informed that India is today one of the fastest growing Fintech markets with more than 2,100 FinTechs.
“A lot of Indian Fintech markets are unicorns and India’s market is currently valued at $31 Bn, and expected to grow to $84 Bn by 2025,” he said.
The Minister said India’s FinTech industry came to the rescue of people at the time of pandemic, by enabling them to carry out critical activities from the safety of their homes, particularly during the lockdown and the 2nd wave of Covid. He claimed that under the National Broadband Mission soon every village in India will have high speed internet and this power can be leveraged to make India a Fintech Innovation Hub.
“I believe India is poised to become one of the largest digital markets with rapid expansion of mobile and internet networks. As India aims to become Aatmanirbhar, we want our industry and entrepreneurs to use local talent to produce globally marketable solutions,” he said.
Goyal said, FinTech today has the potential to bring investments for mobile apps, e-commerce stores and several other digital infrastructures.
“Investment inflow in the Fintech sector which has gone up to $10 billion since it started in 2016 has the huge potential to “Up the Game”, it will simultaneously enhance customer experience. Your strength will be augmented by the world’s 3rd largest startup ecosystem which is hungry for growth.”
– global bihari bureau