Rapid expansion of UPI calls for upskilling in data, BFSI: Teamlease

 The rapid expansion of fintech in India has created a significant need for skilled professionals in IT, engineering, and sales, according to staffing company TeamLease’s apprenticeship arm.  

Dhriti Prasanna Mahanta of Team Lease Degree apprenticeship said 60 per cent of fintech firms seek proficient personnel to navigate this dynamic landscape.

India’s digital payments stack, or the Unified Payments Interface (UPI) has been launched in Sri Lanka and Mauritius, after being enabled in France. 

According to Mahanta, UPI has facilitated over 40 per cent of India's digital transactions, highlighting India's potential for embracing fintech innovations. 

“India has emerged as a global leader in digital transactions, commanding almost 46 per cent of the global share, which is a testament to the robustness of our digital infrastructure and the adaptability of our population,” he added.

Owing to the surge in India's digital stack, a significant need for skilled professionals in IT, engineering, and sales is required. The surge in demand for roles such as Data Engineering, DevOps, Software Development, Cybersecurity, and UX Design reflects the evolving needs of the industry, Mahanta added.

As per the data shared by Teamlease, In FY'22, India's fintech sector attracted $8.53 billion in investments through 278 deals. The Unified Payments Interface (UPI) in particular saw 313 banks as participants, facilitating 5.4 billion monthly transactions worth $128 billion in FY'22 itself. 

This underscores the boom in UPI services, as well as job opportunities for skilled professionals within the fintech sector.

Apprenticeship programs, Mahanta said, are vital in nurturing talent and bridging the skills gap. 

“Currently, 75,604 apprentices are engaged in optional trades within the BFSI Sector, while 8,670 are in designated trades, which illustrates the industry's commitment to skill development and capacity building.”

Notably, Over 40 per cent of all payments in India are digital, with UPI being used by over 30 crore individuals and 5 crore merchants.

From street vendors to large shopping malls, India leads in terms of digital transactions at 46 per cent followed by Brazil, China, Thailand, and South Korea, as per 2022 data.

UPI transactions have jumped tenfold from one million in 2016 to 10 billion transactions in 2023.