FM says India has 87% Fintech adoption rate compared to 67% globally

Union Minister of Finance and Corporate affairs, Nirmala Sitharaman has stated that the speed with which innovation is happening in the country is a dream for many. The Union Minister congratulated the winners and praised banks and fintech for doing extraordinarily well in the digital payments sector. Creating new paradigms is something unique to Indian Fintech, which several countries have already appreciated. These nations are collaborating with India on the same, Sitharaman said. Today UPI is active in 7 countries, the minister added. The Union Minister said that nearly half of all real time digital transactions of the world are happening in India with 35 crore active users being a part of UPI system. Recognising the role of people in adopting Fintech, Sitharaman said that India's digital payments success story is a collective effort of all the stakeholders. India has 87% Fintech adoption rate compared to 67% globally. The Union Minister also persuaded the banks and Fintech to reach the remotest areas of the country.

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