India’s fintech adoption higher than global average: FM Sitharaman
Speaking at The Global FinTech Fest, the Minister said the value of digital transactions jumped to Rs 6 lakh crore in January-August 2021 from Rs 4 lakh crore in 2020 and Rs 2 lakh crore in 2019
- Sep 29, 2021,
- Updated Sep 29, 2021 8:32 AM IST
Finance Minister Nirmala Sitharaman said that India has the highest fintech adoption rate of 87% as opposed to the global average rate of 64%. She emphasized that there should be no compromise on data privacy and safeguard of client data with an increasing number of Indians now using digital mode of payment.
Speaking at The Global FinTech Fest, the Minister said the value of digital transactions jumped to Rs 6 lakh crore in January-August 2021 from Rs 4 lakh crore in 2020 and Rs 2 lakh crore in 2019. India witnessed exponential growth in digital payments with 3.5 hundred crore transactions worth Rs 6 trillion between January and August.
“Data privacy is one of the things which is very important and it is an issue on which there can be a lot of contentious views. However, basic respect for privacy…as the guiding principle is well appreciated. Safeguard of client data is something which I think is the backbone to bringing trust,” Sitharaman said.
India has emerged as a “prime destination” for the digital payment revolution, she added. “No wonder, UPI today comes out as one of the very big brand images for India. We are very happy to support it, strengthen it and further it,” the minister said.
The event saw the release of a report on ‘UN principles for responsible digital payments’, which outlines guiding principles for the government, users and for industry and businesses. The report highlights the need for the participation of women in the Fintech space.
“I understand it has nine principles, which are all built on trust, transparency and ensuring inclusivity. The emphasis on including women is right. Most often when technology-related matters are introduced, women tend to be hesitant, and there is an eagerness to move ahead fast even if women are left behind—both of which are not ideal," added Sitharaman.
The Global FinTech Fest was organised by Fintech Convergence Council (FCC) and Payments Council of India (PCI), the two Councils of Internet and Mobile Association of India (IAMAI), along with National Payments Corporation of India (NPCI).
Also read: Data privacy is very important, should not be compromised in using fintech: FM
Also read: JAM Trinity propelled our banking to a different level: FM Sitharaman
Finance Minister Nirmala Sitharaman said that India has the highest fintech adoption rate of 87% as opposed to the global average rate of 64%. She emphasized that there should be no compromise on data privacy and safeguard of client data with an increasing number of Indians now using digital mode of payment.
Speaking at The Global FinTech Fest, the Minister said the value of digital transactions jumped to Rs 6 lakh crore in January-August 2021 from Rs 4 lakh crore in 2020 and Rs 2 lakh crore in 2019. India witnessed exponential growth in digital payments with 3.5 hundred crore transactions worth Rs 6 trillion between January and August.
“Data privacy is one of the things which is very important and it is an issue on which there can be a lot of contentious views. However, basic respect for privacy…as the guiding principle is well appreciated. Safeguard of client data is something which I think is the backbone to bringing trust,” Sitharaman said.
India has emerged as a “prime destination” for the digital payment revolution, she added. “No wonder, UPI today comes out as one of the very big brand images for India. We are very happy to support it, strengthen it and further it,” the minister said.
The event saw the release of a report on ‘UN principles for responsible digital payments’, which outlines guiding principles for the government, users and for industry and businesses. The report highlights the need for the participation of women in the Fintech space.
“I understand it has nine principles, which are all built on trust, transparency and ensuring inclusivity. The emphasis on including women is right. Most often when technology-related matters are introduced, women tend to be hesitant, and there is an eagerness to move ahead fast even if women are left behind—both of which are not ideal," added Sitharaman.
The Global FinTech Fest was organised by Fintech Convergence Council (FCC) and Payments Council of India (PCI), the two Councils of Internet and Mobile Association of India (IAMAI), along with National Payments Corporation of India (NPCI).
Also read: Data privacy is very important, should not be compromised in using fintech: FM
Also read: JAM Trinity propelled our banking to a different level: FM Sitharaman