Terming financial inclusion as the driver of fintech revolution, Prime Minister Narendra Modi on Friday said the fintech industry in the country is innovating to increase access to finance and the formal credit system to every person in the country and now is the time to convert fintech initiatives into a fintech revolution.
Modi said mobile payments in India exceeded ATM cash withdrawals for the first time last year. He further said that the government has universalised bank accounts with 430 million Jan Dhan accounts in the last seven years from less than 50 per cent Indians having bank accounts in 2014. “So far, 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 while addressing the inauguration of InFinity Forum organised by the International Financial Services Centres Authority, in partnership with GIFT City and Bloomberg.
Almost 300 million invoices are uploaded on the GST portal every month and over $12 billion worth payment is done through the GST portal every month.
“Financial inclusion is the driver of the Fintech Revolution. Fintech is resting on 4 pillars; income, investments, insurance, and institutional credit. When income grows, investment becomes possible. Insurance coverage enables greater risk taking ability and investments. Institutional credit gives wings for expansion. And we have worked on each of these pillars. When all these factors come together, you suddenly find so many more people participating in the financial sector … Now it is time to convert these fintech initiatives into a fintech revolution,” he said.
“We believe in sharing our experiences and expertise with the world and learning from them as well … Tools like UPI and RuPay provide an unparalleled opportunity for every country,” Modi said.