The country’s fintech adoption rate is 87%, significantly higher than the global average of 67%: Rahul Pagidipati, CEO, ZebPay
Dilip Modi, Founder & CEO of Spice Money
FinTech BizNews Service
Mumbai, August 20, 2024: Today is National Fintech Day, which is celebrated on every August 20th. Dilip Modi, Founder & CEO of Spice Money and Rahul Pagidipati, CEO, ZebPay, have shared interesting views on the substantial role that Fintech has played in bolstering the country’s economy and its pivotal role in fostering financial inclusion and reshaping the financial landscape:
Dilip Modi, Founder & CEO of Spice Money:
“Fintech has emerged as a cornerstone of India’s economic transformation, positioning the country as a leading innovator in the global fintech arena. Valued at approximately USD 110 billion in 2024 and projected to reach around USD 420 billion by 2029, the sector is undergoing remarkable growth. This progress is vividly demonstrated by the Unified Payments Interface (UPI), which saw a 36% increase in transactions, totalling Rs 60 lakh crore in the first three months of this fiscal year.
Digital public infrastructure (DPI) plays a crucial role in this evolution, driving unprecedented financial inclusion. The Pradhan Mantri Jan Dhan Yojana (PMJDY), which celebrated its tenth anniversary on August 15th, now supports nearly 52.99 crore beneficiaries, with a cumulative account balance of Rs 2,28,362 crore. Direct Benefit Transfer (DBT) system, recognized as the world’s largest in terms of beneficiary reach, underscores India’s leadership in digital financial inclusion, further enhanced by innovations like AePS. Fintech has effectively leveraged these innovations to deepen financial inclusion across India. This underscores the vital role fintech plays in democratizing access to financial services and shaping a more inclusive financial ecosystem.
At Spice Money, we are proud to be an integral part of this fintech revolution. Our extensive network of 14 lakh Adhikaris provides secure and accessible financial and non-financial services in an assisted manner, playing a key role in advancing India’s digital economy. As we celebrate National Fintech Day, we reaffirm our commitment to driving further innovation and fostering inclusivity in India’s rapidly evolving fintech landscape.
Rahul Pagidipati, CEO, ZebPay
"With more than 6,000 fintech companies, India has the third-largest fintech ecosystem globally, standing strong at the center of financial innovation. The country’s fintech adoption rate is 87%, significantly higher than the global average of 67%. The persistent innovation of the sector is creating an inclusive ecosystem and democratising access to banking and financial services across the country. In the past year, India’s fintech sector amped up its offerings with a major focus on adopting transformative technologies like AI and blockchain.
As we celebrate National Fintech Day, it’s a reminder that collaboration between governments, financial institutions, and tech entrepreneurs is essential to nurturing an ecosystem that not only drives cutting-edge innovation but also safeguards consumers, thereby propelling India’s economy towards new heights."
