Finance Minister Nirmala sitharaman With the increasing number of Indians using digital modes of payment, there should be no compromise on data privacy and security of client data, it said on Tuesday. Addressing the industry, the minister said that the value of digital transactions increased to Rs 6 lakh crore in January-August 2021 from Rs 4 lakh crore and Rs 2 lakh crore in 2020 and 2019 respectively.

“Data privacy is one of those things that is very important and it is an issue that can have a lot of controversial views. However, a basic respect for privacy… is well appreciated as a guiding principle. Is.

“Securing customer data, is something that I think is the backbone of bringing trust. I don’t want to get into a scheme of things unless my data is well secured. So this is the guiding principle, said Sitharaman. Global Fintech Fest 2021′.

During the event, a report was launched on ‘United Nations Principles for Responsible Digital Payments’, which outlines guiding principles for government, users and industry and businesses. The report also emphasizes the inclusion of women and their participation in fintech.

“I am very impressed that the United Nations Principles for Responsible Digital Payments is being launched today. It is only the need of the hour. We all need to understand that in our desire to bring an interoperable system, a system Which it should be carried forward because of the merits of transparency, we should not be in a hurry to compromise on any one of these features,” Sitharaman said.

The minister said that the fintech adoption rate in India is 87 per cent as against the global average of 64 per cent.

“I think India is the prime destination for digital activities, digital payments,” she said.