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Fintech market is expected to grow about USD 84 billion by 2025: Indian minister

Other News Materials 4 October 2021 09:48
Fintech market is expected to grow about USD 84 billion by 2025: Indian minister

Asserting that India is poised to become one of the largest digital markets in the world, Union Minister of Commerce and Industry Piyush Goyal on Thursday said that the FinTech market is currently valued at USD 31 billion in India alone and it is expected to grow to about USD 84 billion by 2025 in the country.

Goyal said this during a Global FinTech Fest, organised by Fintech Convergence Council (FCC) and Payments Council of India (PCI), of Internet and Mobile Association of India (IAMAI), and the National Payments Corporation of India (NPCI).

Addressing the second Global Fintech Fest 2021 through video conferencing today, he said, "India is poised to become one of the largest digital markets in the world. 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 2021, India's United Payments Interface (UPI) has seen the participation of 224 banks and recorded 2.6 billion transactions worth over USD 68 billion and the highest ever, more than 3.6 billion transactions, in Aug 2021," he added.

He further stated that Over 2 trillion transactions were processed using the AePS (Aadhar-enabled payment system) last year. "As Prime Minister Modi says, 'every crisis can be converted into an opportunity, now citizens do not have to go to the banks, the banks have come to their homes and on their mobile phones," Goyal said.

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