India is one of the fastest-growing fintech markets in the world and the sector is empowering the poorest of the poor of the country, by taking financial inclusion to the last man at the bottom of the pyramid, said Shri Piyush Goyal, the Minister of Textiles, Minister of Commerce and Minister of Consumer Affairs, Food and Public Distribution, Government of India.
“While the Jan-Dhan-Aadhar-Mobile (JAM) trinity built by the government ensured transparency, integrity and timely delivery of financial benefits and service, the fintech industry made these transactions simple and seamless across the country,” said Shri Goyal at the Global FinTech Fest today.
The rapid digitalisation made rapid the growth of bringing every household into the banking system possible through delivery of credit ensuring insurance and pension plan reach the common man and brought comfort and convenience by removing the need for contact. “The contactless and convenient payment system has become the order of the day and is mushrooming across India,” he added.
The Minister was categorical that the Global FinTech Fest will set a new paradigm for global collaboration and showcase how fintech will be the turning point for the last mile financial inclusion and access in India. He also spoke about the Open Credit Enablement Network, which aims to democratise and socialise through an open-source platform to enable smaller players, MSMEs and local business enjoy the benefits of technology.
He was also all praise for the fintech industry for coming to the rescue of the people during the pandemic by enabling them to carry out critical activities from the safety of their homes, particularly during the lockdown and the second wave of the covid.
The Minister also pointed out how the Prime Minister Shri Narendra Modi had announced the Jan Dhan Yojna on August 15, 2014 and gave the banking sector only 100 days to achieve 100% banking coverage and the great work done by the bankers, especially PSU banks, to achieve the goal.
He also impressed upon the gathering India’s achievement; the highest adoption rate of 87% compared to a global average rate is of about 64%, that the government’s our very own indigenous UPI system has seen participation of over 224 banks and recorded 2.6 billion transactions worth about $68 billion. In fact, in August 2021, the country saw the highest number of transactions at 3.6 billion transactions.
Finally, the Minister echoed the words of the Prime Minister of how every crisis can be converted into an opportunity and how the fintech industry had come to the rescue of our people at the times of the pandemic by enabling them to carry out critical activities from the safety of their homes, particularly during the lockdown and the second wave of the Covid.
The Global FinTech Fest is 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).