Connect with us

Business News

India will be counted among the largest digital markets in the world: Piyush Goyal

Published

on


Commerce Minister Piyush Goyal has said that India is poised to become one of the leading digital markets

Commerce Minister Piyush Goyal on Thursday said that India is all set to become one of the largest digital markets in the world as it has the highest fintech adoption rate of 87 per cent against the global average of 64 per cent.

2 . addressingRa Global Fintech Fest 2021, the minister also said that with over 2,100 fintechs present in the country, India is one of the fastest growing markets for this segment.

“Many of the Indian fintech markets are unicorns and the Indian market is currently worth $31 billion, and is expected to grow to $84 billion by 2025,” he said.

Shri Goyal in his virtual address further said that as of May 2021, the United Payments Interface (UPI) of the country had witnessed the participation of 224 banks and recorded 2.6 billion transactions worth over $68 billion and over 3.6 billion transactions in August 2021. were done. Lonely.

“Over 2 trillion transactions were processed using AEPS (Aadhaar-enabled payment system) last year,” he said.

Underlining the importance of the fintech industry, the commerce minister said it helped people the most during the nationwide lockdown last year and the second wave of the pandemic in April-June 2021.

This has helped them carry out essential activities from the comfort of their homes and fintech has the potential to bring investments for mobile apps, e-commerce stores and other key components of digital infrastructure.

“I believe that India is poised to become one of the largest digital markets with the rapid expansion of mobile and internet networks. We want our industry and entrepreneurs to build locally marketable solutions to create globally marketable solutions. Make use of talent.

.

Copyright Indian Lekhak Limited 2021. All Rights Reserved