AMN / NEW DELHI
Union minister of Commerce and Industry Piyush Goyal has said that India is poised to become one of the largest digital markets in the world. Addressing the Second Global Fintech Fest-2021 through video conferencing today, he said at 87 per cent, India has the highest FinTech adoption rate in the world against the global average of 64 per cent.
As of May this year, India’s United Payments Interface (UPI) has seen participation of 224 banks and recorded 2.6 billion transactions worth over 68 billion dollars and the highest ever of more than 3.6 billion transactions, in August. Mr. Goyal said over two trillion transactions were processed using the AePS (Aadhar-enabled payment system) last year.
The Minister said, India’s FinTech industry came to the rescue of people at the time of pandemic, by enabling them to carry out critical activities from the safety of their homes, particularly during the lockdown and the second wave of COVID.