Indian digital payments at record high: Sitharaman

Tribune News Service
New Delhi, September 28

India is better than most of the world in the adoption of Fintech or automated financial services.

“India’s adoption rate is 87 per cent as against the global average rate of 64 per cent, which establishes the fact that India is a prime destination for digital payments and activities,” said Union Finance Minister Nirmala Sitharaman.

Digital payments have seen a tremendous growth from Rs 2 lakh crore worth of digital transactions in 2019 to Rs 4 lakh crore in 2020. January to August 2021 saw further momentum, clocking Rs 6 lakh crore worth of digital transactions.

The number of individual transactions was 355 crore, “showing energetic participation from users, industry and the government in the digital ecosystem”, said the finance minister.

The minister was speaking at “The Global FinTech Fest”, organised by Fintech Convergence Council (FCC) and Payments Council of India (PCI) along with National Payments Corporation of India (NPCI),

The minister said the UN principles on digital payments have come at the right time and will serve as an important resource to all stakeholders in delivering digital payments based on the principles of trust, consent, privacy, transparency and choice for the end user.