India’s FinTech market projected to reach $150 bn by 2025: RBI Gov
According to Das, the FinTech ecosystem in India has tremendously improved the delivery of financial services by making them faster and cheaper.
- Economy News
- 2 min read
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FinTech growth in India: India’s FinTech market is projected to reach $150 billion by 2025, a significant leap from $50 billion in 2021, the RBI Governor Shaktikanta Das said on Wednesday in Davos in Switzerland.
“The JAM trinity – a combination of bank accounts (Jan Dhan), Aadhaar (India’s biometric identity system that provides a single and portable proof of identity); and Mobile phone numbers – has revolutionised India’s FinTech ecosystem in terms of financial inclusion, digitisation of financial services, and overall service delivery,” Das added further.
According to Das, the FinTech ecosystem in India has tremendously improved the delivery of financial services by making them faster, cheaper, more efficient, and more accessible. ]
“India is currently the world’s third-largest FinTech ecosystem in terms of the number of FinTech entities operating in India. The adoption rate of FinTech in India is 87 per cent, which is well above the global average of 67 per cent,” he said.
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He went on to add that an indigenously developed Unified Payments Interface (UPI) has been the game changer.
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“Its success story has become an international model. The interoperability of UPI across banks has created a unified payment ecosystem. Its user-friendly interface and QR code-based payments have made it very popular,” the RBI governor added.