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At 87%, India has the highest FinTech adoption rate in the world against the global average of 64%: Shri Piyush Goyal India poised to become one of the largest digital markets in the world, says Commerce Minister UPI banking interface recorded highest ever, over 3.6 Bn transactions, last month More than 2 trillion transactions processed using Aadhar last year Minister says Indias fintech industry came to rescue of people during the lockdown and 2nd wave of Covid, promoting contactles
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FAQ :
India has a FinTech adoption rate of 87%, which is the highest in the world, compared to the global average of 64%.
In August 2021, UPI recorded over 3.6 billion transactions.
India's FinTech industry played a vital role during the pandemic by enabling people to carry out essential activities safely from home, promoting contactless banking during lockdowns and the second Covid wave.
India's FinTech market is currently valued at $31 billion and is expected to grow to $84 billion by 2025.
Key initiatives include the Jan Dhan Yojana, the JAM trinity (Jan Dhan-Aadhaar-Mobile), the National Broadband Mission, and the recent launch of the Open Credit Enablement Network (OCEN) and Account Aggregator (AA) framework.
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