Fintech leaders on Monday lauded Prime Minister Narendra Modi for India's leadership in unified payments interface (UPI), declaring the nation’s fintech landscape a hub of innovation, reflective of its fearless spirit.
In response to Prime Minister Modi’s exclusive interaction with IANS, Rahul Kothari, COO of Razorpay, remarked, “Today, UPI has become the common and preferred mode of payment for customers.”
Kothari added, “The state of the new normal not only showcases the promising trajectory for India’s digital economy but also highlights the immense trust our citizens have placed in digital payments.”
Prime Minister Modi stated that, driven by digital public infrastructure (DPI) models like UPI, India is now at the forefront of the global fintech ecosystem, with several countries eager to adopt the ‘India Stack’ solutions to empower their populations.
The UPI platform processed 13,115 crore transactions in FY24, amounting to nearly Rs 200 lakh crore in value, compared with 8,376 crore transactions worth Rs 139 lakh crore in FY23.
Lokanath Panda, COO of BLS eServices, said that even in the remotest villages, small traders are investing in digital payments for their convenience and efficiency.
“The use of technology is enhancing transparency and fostering inclusivity. India’s UPI is now performing a new role by uniting global partners with India,” Panda said.
India is home to more than 10,000 fintech companies operating in various sectors and segments.
According to reports, India’s fintech ecosystem, the third largest globally, is poised to reach nearly $70 billion in annual revenue by FY30.
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