India is all set to become one of the largest digital markets in the world as it has the highest financial technology (fintech) adoption rate at 87 per cent against the global average of 64 per cent, Commerce Minister Piyush Goyal said on Thursday.
Addressing the 2nd Global Fintech Fest 2021, the minister also said that with more than 2,100 fintechs present in the country, India is among the fastest growing markets for the segment.
“A lot of Indian fintech markets are unicorns and India's market is currently valued at $31 billion, and is expected to grow to $84 billion by 2025,” he said.
Mr Goyal in his virtual address, further said that till May 2021, the country's United Payments Interface (UPI) had witnessed participation of 224 banks and registered 2.6 billion transactions worth over $68 billion and the highest ever, more than 3.6 billion transactions in August 2021 alone.
“Over 2 trillion transactions were processed using the AePS (Aadhar-enabled payment system) last year,” he added.
Underlining the significance of fintech industry, the Commerce minister said that it helped people the most during the nation-wide lockdown last year and the second wave of the pandemic in April-June 2021.
It helped them carry out essential activities while sitting at homes and fintech has the potential to bring in investments for mobile apps, e-commerce stores and other key components of the digital infrastructure.
“I believe India is poised to become one of the largest digital markets with rapid expansion of mobile and internet networks. We want our industry and entrepreneurs to use local talent to produce globally marketable solutions, he said.