Need to convert fintech initiatives into ‘fintech revolution’, a low-cost, reliable payment system: PM Modi
Inaugurating the InFinity Forum, PM Narendra Modi said that the fintech industry had achieved huge scale, with people from all walks of life as customers.
FollowPrime Minister Narendra Modi on Friday said that innovations in the booming fintech industry will be incomplete without security innovations, and it was now time to convert these initiatives into a fintech revolution to provide a low-cost and reliable payment system to the masses. Inaugurating the InFinity Forum, Modi said that the fintech industry was innovating to enhance access to finance and formal credit to every person in the country, but this expanding reach also brought certain considerations to attention - importance of security.
He said that technology was bringing a big shift in finance, and mobile payment last year exceeded ATM withdrawals. “India has proved to the world that it is second to none when it comes to adopting technology or innovating around it. Transformational initiatives under Digital India have opened doors for innovative Fintech solutions to be applied in governance.”
“Fintech industry has achieved huge scale and scale means people from all walks of life as customers. This fintech acceptability among the masses has a unique feature - trust. " Modi said in his speech.
“Fintech innovation will be incomplete without fintech security innovation," the Prime Minister said. The event was organised by the International Financial Services Centres Authority and Bloomberg with Indonesia, South Africa and the UK as partner countries.
He said that now it is time to convert these fintech initiatives into a fintech revolution. “Now it is time to convert these fintech initiatives into a fintech revolution. A revolution that helps to achieve financial empowerment of every single citizen of the country,” he added.
Modi also emphasised on the need for sharing experiences and expertise available in India with the rest of the world, while also learning from others. “We believe in sharing our experiences and expertise with the world and learning from them as well. Our Digital Public Infrastructure solutions can improve the lives of citizens around the world,” the Prime Minister said.
Also read: Supreme Court permits construction activities of hospitals in Delhi amid rising air pollution
“Our digital public infrastructure solutions can improve the lives of people around the world. Tools like Unified Payments Interface (a real time payment system) and Rupay (a payment service) provide an unparalleled opportunity for every country-an opportunity to provide a low cost, reliable payment system as well as domestic card scheme and fund remittance system,” Modi said.
Fully digital banks without any physical branch offices are already a reality and may become commonplace in less than a decade, he added.
