Fintech convergence council - Latest News Update, Information, Photos & Videos on Fintech convergence council at Lokmat Times

Finance Minister Nirmala Sitharaman on Tuesday said that India is a prime destination for digital payments and lauded the role of startups in making India a global fintech destination."Fintech adoption rate India is 87 per cent whereas a global average is only 64 per cent," Sitharaman said in her remarks at Global Fintech Fest 2021.The Global FinTech Fest has been organised by the Internet and Mobile Association of India (IAMAI), along with its sister organisations Fintech Convergence Council (FCC), Payments Council of India (PCI), and National Payments Corporation of India (NPCI).Finance Minister lauded the efforts by Prime Minister Narendra Modi and said the government is pushing forward the idea of digital payments which is showing results. "In 2019, we had around 2 lakh crore transactions through digital payments. In 2020, it shot up to 4 lakh crore transactions through digital payments," she said."In 2021, from January till the end of August 2021, in just eight months, we have a total of 355 crore individual transactions, which is six lakh crore worth transactions through digital payments," she added.Sitharaman said every section of people is benefiting from the adoption of technology."The government is giving the required push and people are wanting to adapt to it. The push was increased more because of the necessity during the pandemic. QR codes became very popular in villages," she said."India is the prime destination for digital payments, we are very happy to further support and strengthen UPI," she added.Finance Minister said that cashless, paperless and faceless transactions are being achieved with the participation of people."Entire world to seeing how India is adopting the fintech platforms. Indian banks have 1.5 lakh 'mitras'. Direct Benefit Transfer (DBT) was enabled through technology and made us confident that relief may be sent to the people within few minutes. In case that money was not credited into the account, the bank Mitras were there to help out. This comfort was there because our the payment system was so mature. Therefore, today you see that fintech is emerging in India," she said."Today banks, payment banks, small financial systems are technology-driven. This has helped us during the pandemic. Today, all are using fintech technology and every section of Indian householders are benefitting from it. Fintech startups today are fine-tuning this whole business and updating with new technologies, innovating and the government is promoting them," she added.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Home

City

Latest News

Cricket

LT Premium

National

International

Maharashtra

Opinions

Chhatrapati Sambhajinagar

Nagpur

Entertainment

Photos

Business

Technology

Sports

Lifestyle

Social Viral

Lokmat Games

Health

Lok Sabha Election 2024

Heatwave In India

Mumbai Water Cut

Maharashtra Lok Sabha Election

IPL 2024

Salman Khan

Fintech Convergence CouncilFOLLOW

Fintech convergence council, Latest News

Business :Explore NPST solution at the Global FinTech Fest 2022

New Delhi (India), September 17: NPST (Network People Services Technologies Ltd) is participating in the Global Fintech Fest (GFF2022), which ... ...

Business :Explore NPST solution at the Global FinTech Fest 2022

NPST (Network People Services Technologies Ltd) is participating in the Global Fintech Fest (GFF2022), which is to be held from 19 to 22 September Organized by the Fintech Convergence Council (FCC), Payment Council of India (PCI), and National Paymen ...

National :Fintech market is expected to grow about USD 84 billion by 2025: Piyush Goyal

Asserting that India is poised to become one of the largest digital markets in the world, Union Minister of Commerce and Industry Piyush Goyal on Thursday said that the FinTech market is currently valued at USD 31 billion in India alone and it is exp ...

National :Fintech adoption rate in India is 87 pc, global average 64 pc: Nirmala Sitharaman

Finance Minister Nirmala Sitharaman on Tuesday said that India is a prime destination for digital payments and lauded the role of startups in making India a global fintech destination. ...