India has the highest fintech adoption rate of 87%, says FM Sitharaman

Finance minister Nirmala Sitharaman said on Wednesday that India has the highest Fintech adoption rate of 87 per cent as opposed to the global average rate of 64 per cent, which shows that India is a prime destination for digital payments and activities.

The finance minister added that digital payment transactions have grown tremendously, from Rs two trillion in 2019 to Rs four trillion in 2020. The past eight months, from January to August 2021, saw further momentum, clocking digital transactions amounting to Rs six trillion, with the number of individual transactions at Rs 355 crore, showing energetic participation from users, industry and the Government in the digital ecosystem, she said.

Sitharaman was addressing the Global FinTech Fest, organised by Fintech Convergence Council (FCC) and Payments Council of India (PCI), the two Councils of Internet and Mobile Association of India (IAMAI), along with National Payments Corporation of India (NPCI).