Smartphones are new bank branch, India is world’s data capital: Scindia

Union Minister for Communications Jyotiraditya M. Scindia on Thursday called for an inclusive and trusted digital financial ecosystem, saying that finance must first become accessible to all before it can become truly intelligent. Addressing the Global Fintech Festival 2026 in Mumbai, Scindia said telecom connectivity is the “invisible highway” on which the fintech ecosystem is built. He identified connectivity, compute and trust as the three key elements driving the next phase of digital finance. Scindia highlighted the sharp reduction in the cost of communications, noting that data costs have fallen to around 10 cents per GB. He said India has become the world’s cheapest data capital, making digital technology increasingly accessible.The Union Minister of Communications noted that 84% of domestic digital transactions take place on UPI, while India accounts for approximately 49% of the world’s real-time digital payment volumes. He credited the fintech ecosystem for this achievement and said that India’s success demonstrates the power of technology built at scale.

BHARAT- DATA CAPITAL OF THE WORLD

Voice calls: ₹0.50 ₹0.003
Data: ₹287/GB ₹9/GB pic.twitter.com/Dt5oeN0qs9

— Jyotiraditya M. Scindia (@JM_Scindia) September 10, 2026

He said smartphones have effectively become “bank branches” for millions of Indians, connecting citizens not only to the internet but also to credit, investment and other financial services. Around 6.5 lakh villages are now participating in the digital economy, he said. India’s 5G rollout has also progressed rapidly. Launched in 2022, 5G now reaches 99.9% of districts and nearly 85% of the population, within 26 months, supported by more than 5 lakh 5G base stations. Scindia also highlighted the sharp decline in communication costs, saying data prices have fallen to around 10 cents per GB, making digital services increasingly affordable.