India's Rise as a Global Fintech Hub Backed by Strong DPI Ecosystem

India has emerged as a global fintech hub with a strong Digital Public Infrastructure. Industry leaders highlight AI, collaboration and trust as key pillars for the next phase of growth, aiming for profitability and sustainable digital participation.

India has emerged as a global fintech innovation hub, backed by one of the world's most advanced Digital Public Infrastructure (DPI) ecosystems, with industry leaders highlighting artificial intelligence (AI), collaboration and trust as the key pillars driving the next phase of growth during the 3rd India International FinTech Festival 2026 organised by ASSOCHAM.

India's Digital Financial Ecosystem

Addressing the event, Amitabh Chaudhry, Senior Vice President, ASSOCHAM and Managing Director & CEO of Axis Bank, said India has built a globally recognised digital financial ecosystem through initiatives such as the Unified Payments Interface (UPI), Aadhaar and Jan Dhan accounts. "India has established itself as a global fintech innovation hub, supported by one of the world's most advanced Digital Public Infrastructure ecosystems," Chaudhry said, noting that UPI processes more than 22 billion transactions every month, while 558 million Jan Dhan accounts and 1.4 billion Aadhaar registrations have accelerated the country's digital transformation.

He added that platforms including DigiLocker, FASTag, Account Aggregator, ONDC and the Digital Rupee have significantly expanded financial inclusion and digital access across the country. Chaudhry said the future of financial services will be driven by deeper collaboration among banks, fintech firms and technology companies. "The next phase of financial services will be shaped by closer collaboration among banks, fintech companies and technology firms, with artificial intelligence, Digital Public Infrastructure, embedded finance, cybersecurity and responsible innovation emerging as key growth drivers," he said.

Moving Beyond Access to Sustainable Value

Speaking at the summit, Gautam Aggarwal, Division President for South Asia and Country Corporate Officer, India, Mastercard, said the Indian fintech sector is now moving beyond expanding access to creating long-term value and sustainable participation in the digital economy. "We have been able to demonstrate inclusion, innovation and scale. The next big challenge is to create a profitable ecosystem. It is not merely about how many people are digitally empowered but how many people can participate in the digital economy in a sustainable manner," Aggarwal said.

He stressed that the industry should leverage AI to accelerate growth while ensuring digital financial solutions are built on security, transparency and customer protection. Aggarwal also highlighted the opportunity to extend India's Digital Public Infrastructure to Tier-II, Tier-III and rural markets through AI-enabled financial services.

Focus on Sustainability, Scalability, and Trust

Madhur Deora, President and Group Chief Financial Officer of Paytm, said India's fintech ecosystem has achieved remarkable scale, with the country processing nearly 24 billion digital transactions worth around Rs 300 lakh crore every month. He said the industry's priorities should continue to focus on sustainability, scalability and trust while delivering greater convenience, transparency, financial inclusion and security for consumers.

AI: The 'Ultimate Equaliser' for Businesses

Meanwhile, Kunal Guha, Managing Director, Commerce, Shopping & Payments, Asia Pacific, Google, described AI as "the ultimate equaliser", saying the technology has the potential to enable even small businesses to compete effectively in the digital economy.

Guha added that continued collaboration among the government, regulators and industry stakeholders would be essential to drive the next phase of fintech innovation and strengthen India's digital financial ecosystem. (ANI)

(Except for the headline, this story has not been edited by Asianetnews Editorial staff and is published from a syndicated feed.)