India has emerged as a “prime destination” for the digital payment revolution, with fintech adoption price of 87%, substantially above the international typical of 64%, finance minister Nirmala Sitharaman mentioned on Tuesday.
“No wonder, UPI today comes out as one of the very big brand images for India. We are very happy to support it, strengthen it and further it,” the minister mentioned at the ‘Global FinTech Fest 2021’.
At the similar time, there must be no compromise on information privacy and safeguard of client information now that an rising quantity of Indians have resorted to the digital mode of payment, she stressed.
The worth of digital transactions in India jumped to Rs 6 lakh crore in January-August 2021 from Rs 4 lakh crore in the whole 2020 and Rs 2 lakh crore in 2019, she mentioned.
“Data privacy is one of the things which is very important and it is an issue on which there can be a lot of contentious views. However, basic respect for privacy…as the guiding principle is well appreciated. Safeguard of client data, is something which I think is the backbone to bringing trust,” Sitharaman mentioned.
Digitisation has enabled the government to place income straight into the accounts of the intended beneficiaries via the direct advantage transfer approach. This mechanism came as a large relief throughout the Covid-induced lockdown, she added. “The payment systems have become matured and well-layered and have adopted several schemes that the government wanted to undertake.”
The occasion saw the release of a report on ‘UN principles for responsible digital payments’, which outlines guiding principles for the government, customers and for sector and corporations. The report highlights the require for the participation of ladies in the fintech space.