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.