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Mobile payments exceeded ATM cash withdrawals for the first time last year: PM Modi

Prime Minister Narendra Modi inaugurated the InFinity Forum, a thought leadership Forum on FinTech.

By: Express Web Desk | New Delhi |
Updated: December 3, 2021 10:55:39 am
Modi, Narendra Modi, fintech industry, RuPay, Fintech, Jan dhan accounts, India news, Indian express, Indian express news, current affairsPrime Minister Narendra Modi (PTI Photo/File)

Prime Minister Narendra Modi on Friday inaugurated the InFinity Forum, a thought leadership Forum on FinTech. In his keynote address, the prime minister said that last year, mobile payments exceeded ATM cash withdrawals for the first time in India. He added that fully digital banks, without any physical branch offices, are already a reality and may become commonplace in less than a decade.

In his speech, Modi said that India proved to the world that it is second to none when it comes to adopting technology or innovating around it and added that transformational initiatives under Digital India have opened doors for innovative Fintech solutions to be applied in governance.

“It is time now 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 in his speech.

Modi said “We believe in sharing our experiences and expertise with the world and learning from them as well. Our Digital Public Infrastructure solutions can improve the lives of citizens around the world.”

Speaking about GIFT City, the prime minister said that it is not merely a premise but it represents India. It represents the country’s democratic values, demand, demography and diversity.

“It represents India’s openness to ideas, innovation & investment. GIFT City is a gateway to the global fintech world,” Modi said.

The event is being organised by International Financial Services Centres Authority (IFSCA) under the aegis of Government of India in collaboration with GIFT City and Bloomberg. Indonesia, South Africa and the UK are partner countries in the first edition of the forum. The forum will witness participation from over 70 countries.

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