New Delhi [India], September 30 (ANI): Asserting that India is poised to become one of the largest digital markets in the world, Union Minister of Commerce and Industry Piyush Goyal on Thursday said that the FinTech market is currently valued at USD 31 billion in India alone and it is expected to grow to about USD 84 billion by 2025 in the country.
Goyal said this during a Global FinTech Fest, organised by Fintech Convergence Council (FCC) and Payments Council of India (PCI), of Internet and Mobile Association of India (IAMAI), and the National Payments Corporation of India (NPCI).
Addressing the second Global Fintech Fest 2021 through video conferencing today, he said, "India is poised to become one of the largest digital markets in the world. At 87 per cent, India has the highest FinTech adoption rate in the world against the global average of 64 per cent.""As of May 2021, India's United Payments Interface (UPI) has seen the participation of 224 banks and recorded 2.6 billion transactions worth over USD 68 billion and the highest ever, more than 3.6 billion transactions, in Aug 2021," he added.
He further stated that Over 2 trillion transactions were processed using the AePS (Aadhar-enabled payment system) last year. "As Prime Minister Modi says, 'every crisis can be converted into an opportunity, now citizens do not have to go to the banks, the banks have come to their homes and on their mobile phones," Goyal said.
According to the union minister, more than two crore accounts were opened under the Jan Dhan Yojana scheme, which has been considered a world record.
Speaking about the National Broadband Mission launched last year in India, Goyal said, "Every village in India will soon have high-speed internet under the National Broadband Mission scheme and this power can be leveraged to make India a Fintech Innovation Hub."He stated that FinTech 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," he added.
In order to expand these value chains, the minister informed that the Micro, Small and Medium Enterprises (MSMEs) have also rapidly adopted FinTech solutions whether for credit, payments, accounting and tax filing. The government has also recently launched the Open Credit Enablement Network (OCEN) and Account Aggregator (AA) framework. These enable formal credit flow to the most vulnerable segments, especially particularly small businesses. (ANI)