Highlighting that India is a leader in adopting financial technology In emerging markets, he said, the country’s adoption rate stood at 87 per cent in March 2020, as against the global average of 64 per cent.
“India’s fintech market was valued at INR 1,920 billion in 2019. By 2025, it is expected to grow to a market of INR 6,207 billion. The skilled workforce and tech giant in India make it a great destination for developing fintech,” He said while addressing a virtual event organized by ASSOCHAM.
He further said that India ranks first in terms of digital transactions and total digital transactions has crossed 25 billion.
India offers a great Ecosystem for Fintech Development e.g. access to bank accounts under PM Jandhan YojanaScalable platforms including DigiLocker and UPI.
“The government is making efforts to build a strong and secure technology ecosystem and we are confident that public-private partnerships will grow. financial inclusion and provide modern financial services to all Indians,” he said.
Noting that modern technology can be the most powerful tool to enhance financial inclusion, he said, this has been demonstrated during the pandemic period as seamless cash transfers were made to crores of accounts with a click of a button.
Financial inclusion has also played an important role for cash transfers to the poor during the pandemic. vulnerable groups of society, he said.