India witnessing increasing digitisation, shift in consumers’ financial behaviour: NITI VC

New Delhi, February 7

India is witnessing increasing digitisation with people getting greater and easier access to financial services, which has led to a shift in consumers’ financial behaviour from cash to e-wallets and UPI, NITI Aayog Vice Chairman Rajiv Kumar said on Monday.

Kumar, while addressing ‘NITI Aayog’s Fintech Open Summit’, further said the rise of fintech has accelerated financial inclusion.

He also noted that the expansion of digital payments is an important pivot for creating a more equitable, prosperous and financially inclusive India.

“India is witnessing increasing digitisation with people getting greater and easier access to financial services. This has led to a shift in consumers’ financial behaviour—from cash to e-wallets and UPI,” Kumar said.

Speaking at the event, Union Minister for Railways, Communications, and Electronics and IT Ashwini Vaishnaw said the government believes in creating open platforms, such as CoWin and UPI, for healthcare, logistics and other sectors.

An open platform is created using public investment, wherein numerous private entrepreneurs, start-ups and developers can join to create new solutions, Vaishnaw added.

According to an official statement, a first-of-its-kind initiative, Fintech Open will bring together regulators, fintech professionals and enthusiasts, industry leaders, the start-up community and developers to collaborate, exchange ideas and innovate.

It added that Fintech Open aims encourage an open ecosystem across the fintech industry and foster innovation and growth.