Commerce and Industry Minister Piyush Goyal on Thursday said that India is poised to become one of the largest digital markets in the world, with India having the highest FinTech adoption rate of 87% against the global average of 64%.
"A lot of Indian Fintech markets are unicorns and India's market is currently valued at $31 billion, and expected to grow to $84 billion by 2025," he 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 lockdowns and the second wave, Goyal said.
As of May 2021, United Payments Interface has seen participation of 224 banks and recorded 2.6 billion transactions worth over $68 billion and the highest ever, more than 3.6 billion transactions in August. Over 2 trillion transactions were processed using Aadhar-enabled payment system) last year, he added.
Goyal, at the Global FinTech Fest 2021, said that India today has the potential to bring investments for mobile apps, e-commerce stores and several other digital infrastructures.
"Investment inflow in the Fintech sector has gone up to $10 billion since it started in 2016, and has the huge potential to 'up the game', he said.
Non-financial services sectors and MSMEs have also been also proactive in adopting FinTech solutions for credit, payments, accounting and tax filing, he added.
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