Union Finance Minister Nirmala Sitharaman has said that the fintech market is projected to grow to over 400 billion US dollar by 2028-29. She pointed out that the scale of opportunity is immense, expressing hope that the fintech revolution in the country will flourish in the coming years. Addressing the Digital Payments Awards 2025 Ceremony in New Delhi today, the Finance Minister said that Indian fintech innovations have the potential to become global public goods that can benefit other emerging and developed economies. She said, this will open new markets for Indian firms. She highlighted that international merchant payments through UPI are now accepted at select merchant outlets in seven countries, including Bhutan, France, Mauritius, Nepal, Singapore, Sri Lanka and the UAE. Talking about financial inclusion, Ms Sitharaman said that the nation has achieved 80 percent financial inclusion in just six years, defying expectations. She urged the stakeholders to include Unified Lending Interface, regional languages, better cyber security and improved customer service to further drive the fintech sector.
During the event, the finance minister also presented the Digital Payment Awards for the outstanding performance in digital payment in India. Punjab National Bank bagged the first prize in the public sector bank category followed by Bank of Baroda and UCO Bank. Awards were also given in Private Sector Bank, Small Finance Bank, Payments Bank, Digital Payments Bank and Fintech categories.
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