According to Ajay Kumar Choudhary, non-executive chairman and independent director of the National Payments Corporation of India (NPCI), the fintech sector in India is expected to increase from roughly $110 billion this year to $420 billion by 2029, at a cumulative annual growth rate of 31%. This information was released on Thursday.
The Unified Payments Interface (UPI) has gone global, according to Choudhary, who spoke to IANS on the fringes of Assocham’s second “India International Fintech Festival” in the nation’s capital. The India Stack’s flagship offering is currently available at the Eiffel Tower in Paris, Galeries Lafayette’s flagship store in Haussmann ahead of the Paris Olympics, and certain Middle Eastern countries.
Approximately 26,000 can drivers in Singapore use UPI. Nowadays, a lot of retailers in the UAE accept payments using UPI. Nepal has initiated UPI as well. In the years to come, UPI payments in India will rise exponentially, according to Choudhary, who is breaking all previous records in this regard.
“NPCI has also set an ambitious target of achieving 1 billion UPI transactions per day in the coming years,” he stated.
During the event’s opening speech, Choudhary said that India, which has over 9,000 fintech companies, is ranked third in the world and receives 14% of startup financing.
“The adoption rate of fintech in India is 87 per cent, which is much above the global average of 67 per cent,” he stated to the audience.
In order to draw investors into the ecosystem, we need to be far more focused on delivering values, says Anand Vijay Jha, Chairman of the Assocham Fintech Council.
Indian public-private partnerships are the foundation of the country’s strong position in digital public infrastructure. The function of regulators and policymakers becomes more important when there are several stakeholders in the ecosystem, according to Jha.
The population is youthful and tech-savvy, and the government’s quest for a digital economy will probably lead to the fintech industry reaching new heights.
The UPI is not just a collection of technological guidelines; rather, it requires a never-ending amount of work to ensure that making digital payments is simple. This is according to Archana Vohra, Managing Director at Google.
“What brought us here will not take us ahead, so we need to be persistent, and resilient and make sure that the next 10 to 15 years help us go deeper into the fintech space,” stated Vohra.
According to Vikas Verma, COO of Mastercard, fintechs can make credit accessible to underprivileged groups in our society, and credit availability is one of the key drivers driving India toward its “Viksit Bharat” agenda.
