Finance Minister of India Releases UN Report at Global FinTech Fest on 28th September
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)
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