PremiumListen to this article |
NEW DELHI : Trade minister Piyush Goyal on Thursday said India was poised to become one of the largest digital markets in the world, pointing out that Asia's third largest economy has the highest fintech adoption rate in the world.
“I believe India is poised to become one of the largest digital markets with rapid expansion of mobile & internet networks. At 87%, India has the highest fintech adoption rate in the world against the global average of 64%," Goyal said while addressing the 2nd Global Fintech Fest-2021.
India today is among the fastest growing fintech markets, with more than 2,100 such entities. “A lot of Indian fintechs are unicorns and India’s market is currently valued at $31 billion and expected to grow to $84 billion by 2025," Goyal said.
As of May, India’s United Payments Interface (UPI) had seen participation of 224 banks, and recorded more than 3.6 billion transactions in August. Over 2 trillion transactions were processed using the AePS (Aadhar-enabled payment system) last year.
Goyal 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 second wave of covid.
The trade minister said more than 2 crore accounts have been opened under the Jandhan scheme since 2014, which is considered a world record.
“JAM trinity, besides DBT, has brought in transparency, integrity and timely delivery of financial benefits and services to India’s vast population. JAM trinity has enabled India to leverage its technical capabilities for developing Fintech sector," Goyal said.
