PR92026

NEW DELHI and MUMBAI, India, September 29, 2021 /PRNewswire=KYODO JBN/ -

    Smt. Nirmala Sitharaman, Honorable Minister of Finance and Corporate

Affairs, Government of India, released the UN Report on Responsible Digital

Payments that revolves around good practices for financial consumer protection,

putting users at the center of payment digitisation, especially women and

people living in rural areas.  She unveiled the report at the Global FinTech

Fest on 28 September. Speaking at the Fest, organised by Fintech Convergence

Council (FCC [https://www.fintechcouncil.in/]) and Payments Council of India

(PCI [http://paymentscouncil.in/about-us.aspx]) of Internet and Mobile

Association of India (IAMAI [https://www.iamai.in/]), along with National

Payments Corporation of India (NPCI [https://www.npci.org.in/]), the Finance

Minister said that India has the highest Fintech adoption rate of 87% as

opposed to the global average rate of 64%, which establishes the fact that

India is a prime destination for digital payments and activities.

    The Finance Minister said, “The UN principles on digital payments have come

at the right time and will serve as an important resource to all stakeholders

in delivering digital payments based on the principles of trust, consent,

privacy, transparency, and choice for the end-user.”

    “The UN Principles for Responsible Digital Payments is coming in at the

right time, especially when countries are racing against each other to reach

their maximum population with technology,” She said.

    She emphasised that digital payments have seen tremendous growth from US$

269 bn worth of digital transactions in 2019 to US$ 539 bn in 2020. The last

eight months from January to August 2021 saw further momentum, clocking US$ 800

bn worth of digital transactions with a number of individual transactions at

3.5 bn, showing energetic participation from users, industry and the Government

in the digital ecosystem.

    Fintech startups are altering and remodeling themselves to futuristic

technologies for making India the Fintech destination. India has a combination

of FinTechs innovating at a rapid pace with user’s eager to adopt digital

platforms.

    “Under the leadership of Honorable Prime Minister Shri Narendra Modi, India

has democratised financial services and accelerated the deployment of digital

public good infrastructure that promotes financial inclusion and progress

towards sustainable development goals,” said Smt. Nirmala Sitharaman.

    Unified Payments Interface (UPI) is covered in the UN Principles as an

example of how an open, inclusive, and interoperable digital public good

infrastructure can lead to greater economic participation by the society.

    Photo: https://mma.prnewswire.com/media/1638760/GFF.jpg

    Logo: https://mma.prnewswire.com/media/1629838/GFF_Logo.jpg

    Source: Internet and Mobile Association of India (IAMAI)