NEW DELHI: Prime Minister Narendra Modi lauded the growth of the fintech industry in the country, highlighting that financial inclusion is the driver of the fintech revolution.
He added that the industry is working to improve access to finance and the formal credit system for Indian citizens.
"Now is the time to convert fintech initiatives into a fintech revolution," he said.
Last year, during the first phase of the pandemic and lockdown, mobile payments in India exceeded ATM cash withdrawals. Digital transactions were becoming more common ever since the government issued demonetisation.
"690 million RuPay cards have been issued. RuPay cards clocked 1.3 billion transactions last year. UPI processed around 4.2 billion transactions in just last month,” he said, speaking at the inauguration of InFinity Forum organised by the International Financial Services Centres Authority, in partnership with GIFT City and Bloomberg.