MUMBAI: Finance minister Nirmala Sitharaman has said that the country is leading in the digital payments system worldwide with half of the world’s total real-time digital transactions taking place in the country alone.
Addressing the opening day of the three-day global fintech fest (GFF) that began here Tuesday, the minister said, "half of the world's real-time digital transactions are happening in our country alone with an adoption rate of 87% as against the world average of 67%."
"We processed over 18,580 crore of UPI transactions worth Rs 261 trillion in financial year 2025," she said, and noted that “fintech is not a niche urban convenience any more but it acts an enabler of nationwide economic empowerment."
"In a decade, we’ve connected a population equivalent to the European Union through digital means," Sitharaman said, adding the country ranks third in terms of the number of fintech companies across the world. She further stated that the Aadhaar, UPI and the Digilocker are some of the ways which have changed the contours of how public finance is handled for their betterment.
Sitharaman also digitally launched a foreign currency settlement system in the Gift City, which would seek to solve issues in the foreign transactions. It will be a payment system within the IFSC design to settle foreign transactions in a real time basis, which would ensure a regulatory oversight on such transactions.
The measure adds the Gift IFSC in line with the financial centres such as Hong Kong, Tokyo and Manila which have the infrastructure to settle foreign currency transactions locally, she said.
Sitharaman further said the government remains committed to making technology an enabler for the businesses. "We'd like to remain on the fringes when it comes to business and technology. We want to enable businesses, not hinder their progress," she said, further warning that the technology would not be weaponised and should serve public at all times.
She also highlighted that as the tech develops, and artificial intelligence is explored, there should be a level of cautiousness that has to be maintained. She further urged corporates to work towards growth and innovating products.
"I've seen several deepfake videos of myself," said Sitharaman flagging the darker side of AI. "Fintech must focus on fundamentals like revenue growth, innovative products, risk and compliance capabilities," she added.
