- KredX Editorial Team
- 14 Sep 21
- business

India witnessed nearly 3,500 crore digital payments between 2019-20. In fact, the country now seems to have an opportunity to emerge as a digital payments market valued at USD 1 trillion. As a result, the government is putting in consistent efforts to give the much-needed push to India’s fintech market – the world’s fastest-growing technology-backed financial ecosystem.
A Strategic Framework For Digital Evolution
At present, the country is taking giant strides towards becoming a progressive fintech nation. However, this transformation cannot take place overnight; instead, it will require a strategic framework, such as the 4-stage approach noted in recent years:- First and foremost, the creation of Aadhaar solved the problem of identity formalisation.
- Pradhan Mantri Jan Dhan Yojana ensured that all Indian citizens had a bank account to curb the lack of financial inclusion.
- Building scalable platforms, such as UPI and IMPS, facilitated the movement of money.
- And lastly, permitting fintech companies alongside banks and other lending institutions to access, utilise, and innovate various platforms like UPI, thereby providing the groundwork for a digital economy.