New Delhi: Prime Minister Narendra Modi stressed the importance of turning Fintech efforts into a Fintech revolution in order to serve the populace with a low-cost and reliable payment system. He noted at the InFinity Forum that technology is causing a major shift in finance, adding that mobile payments surpassed ATM withdrawals last year.
"India has demonstrated to the rest of the world that it is unrivalled in terms of technology adoption and innovation. Digital India's transformational initiatives have paved the way for creative fintech solutions to be used in governance "Modi said. He believes that fully digital banks with no physical branch offices are already a reality and will be widespread in less than a decade. "Now is the time to turn these Fintech projects into a Fintech revolution...a revolution that enables every single citizen of the country attains financial empowerment," the Prime Minister remarked.
There are considerations that need to be addressed as the Fintech business expands, he said, adding that the Fintech industry has gained enormous scale, which includes clients from all walks of life. "This mass acceptance of Fintech has a distinct aspect. That characteristic is trust," he said.