“I believe India is poised to become one of the largest digital markets with rapid expansion of mobile and internet networks,” he said, adding that as India aims to become self-reliant, industry and entrepreneurs should use local talent to produce globally marketable solutions.

India is poised to become one of the largest digital markets in the world and the industry can leverage the high-speed Internet to make the country a fintech innovation hub, commerce and industry minister Piyush Goyal has said.

“I believe India is poised to become one of the largest digital markets with rapid expansion of mobile and internet networks,” he said, adding that as India aims to become self-reliant, industry and entrepreneurs should use local talent to produce globally marketable solutions.

The minister said under the National Broadband Mission, soon every village in India will have high speed internet and this power can be leveraged to make India a fintech innovation hub.

He said fintech today has the potential to bring investments for mobile apps, ecommerce stores and several other digital infrastructures.

“Investment inflow in the fintech sector, which has gone up to $10 billion since it started in 2016, has huge potential to up the game, it will simultaneously enhance customer experience. Your strength will be augmented by the world’s third largest startup ecosystem, which is hungry for growth,” he added.

The minister pointed out that the country’s fintech industry came to the rescue of people during the lockdown and the second wave of Covid, promoting contactless banking. Addressing the 2nd Global Fintech Fest 2021 through video conferencing, he said, “At 87%, India has the highest fintech adoption rate in the world against the global average of 64%”.

“As of May 2021, India’s United Payments Interface (UPI) 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 21,” he said.

“Over 2 trillion transactions were processed using the AePS (Aadhar-enabled payment system) last year,” he added.

Goyal said India was today one of the fastest growing fintech markets with more than 2,100 fintechs.

https://cio.economictimes.indiatimes.com/news/corporate-news/india-set-to-become-one-of-the-largest-digital-markets-piyush-goyal/86670839