FM: e- transactions saw huge jump in Jan-aug
MUMBAI: India witnessed exponential growth in digital payment with 3.5 billion transactions worth ₹6 lakh crore between January and August, finance minister Nirmala Sitharaman said.
“In 2019, we clocked about ₹2 lakh crore in digital payments and ₹4 lakh crore in 2020,” she said at the Global Fintech Fest hosted by the Internet and Mobile Association of India.
Every section of the population, including households, small and medium manufacturers, and industry, benefited from technology, she said.
“Fintech startups today are fine tuning this whole business and updating this with futuristic technologies. India is a fintech hub—a combination of users who are ready to happily adopt, technology innovators ready to innovate, and a govpopulation. ernment encouraging the use of digital payments,” she said.
Citing the UN principles for responsible digital payments report, she said the initiative could not have come at a better time as countries are focussing on offering technology solutions to every section of the “I understand it has nine principles, which are all built on trust, transparency and ensuring inclusivity. The emphasis on including women is right. Most often when technology-related matters are introduced, women tend to be hesitant, and there is an eagerness to move ahead fast even if women are left behind—both of which are not ideal,” added Sitharaman.
The minister stressed on the need for women to participate in technology as the economy depends on women’s active participation.
“I also think one of the nine points is also to ensure that there is data privacy. It is one of the things that is very important and is an issue on which there can be a lot of contentious views. However, basic respect for privacy is something which as guiding principle is well-appreciated,” she added.