India's FinTech adoption rate highest in the world-Piyush Goyal

Commerce and Industry Minister Piyush Goyal has said that India is poised to become one of the largest digital markets in the world. Addressing the Second Global Fintech Fest-2021 through video conferencing on Thursday, he said 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 this year, India’s United Payments Interface (UPI) has seen participation of 224 banks and recorded 2.6 billion transactions worth over 68 billion dollars and the highest ever of more than 3.6 billion transactions, in August. Goyal said over two trillion transactions were processed using the AePS (Aadhar-enabled payment system) last year. “A lot of Indian fintech markets are unicorns and India’s market is currently valued at $31 billion, and are expected to grow to $84 billion by 2025,” he said.
The Minister 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. “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,” the Union minister said.

The Minister said, under the National Broadband Mission soon every village in India will have high speed internet and this power can be leveraged to make India a Fintech Innovation Hub. The Centre recently launched the Open Credit Enablement Network (OCEN) and Account Aggregator (AA) framework. The government said these will enable formal credit flow to the most vulnerable segments, especially particularly small businesses, brings ease for financial institutions to reach large segments, by lowering distribution costs and now institutions can give smaller loans, with short repayment cycles.