fbpx
  Previous   Next
HomeBusinessTechnology Is Bringing A Big Shift In Finance And Mobile Payment: Prime...

Technology Is Bringing A Big Shift In Finance And Mobile Payment: Prime Minister Modi

Prime Minister Narendra Modi, on December 3, said that it was now time to convert fintech initiatives into a fintech revolution to provide a low-cost and reliable payment system to the masses.

Inaugurating the InFinity Forum, Modi said that technology was bringing a big shift in finance, and mobile payment last year exceeded ATM withdrawals.

“India has proved to the world that it is second to none when it comes to adopting technology or innovating around it. Transformational initiatives under Digital India have opened doors for innovative fintech solutions to be applied in governance,” the prime minister said.

Fully digital banks without any physical branch offices are already a reality and may become commonplace in less than a decade, he added.

“Now, it is time to convert these fintech initiatives into a fintech revolution…A revolution that helps to achieve financial empowerment of every single citizen of the country,” the prime minister said.

With the widening reach of fintech, there are considerations that need attention, he said, adding the fintech industry had achieved huge scale, and scale meant people from all walks of life as customers.

“This fintech acceptability among the masses has a unique feature. That feature is trust,” he said at the forum.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

More News

Assam CM’s Dig At Rahul Gandhi Says Rahul Gandhi Looks Like Saddam Hussain

Assam chief minister Himanta Biswa Sarma in his latest dig at Rahul Gandhi said that the Congress leader's looks have changed and he looks...

Nearly 75% Twitter Employees Layoffs In A Month, Will Elon Musk’s New Policy Be Able To Assure The Employees

After cutting nearly 75% workforce of Twitter in less than a month since the takeover, Elon Musk is now reported to have kept the...

Condition of Hospitals In Bihar Is Worst: Supreme Court

The Supreme Court on Monday (21 Nov) came down heavily on the Government of Bihar for allowing persons without the necessary qualifications to discharge...

RELATED NEWS

Keep Your Money Safe, Jeff Bezos Warns Economic Recession

Amazon founder Jeff Bezos recently warned consumers and businesses that they should consider postponing large purchases during the holiday season as an economic recession...

G20 Presidency Is A Proud Occasion For Every Indian: PM Modi

Indonesia President Joko Widodo handed over the G20 Presidency to India at the closing ceremony of the 17th intergovernmental summit in Bali on Wednesday....

Unmanned Trains Will Run Soon In India

Bharat Electronics Ltd (BEL) has signed an agreement with Delhi Metro Rail Corporation Ltd (DMRC) to jointly develop an indigenous communication-based train control system...