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India is one of fastest growing markets with over 2,100 fintechs: Goyal

JAM (Jan Dhan, Aadhaar and Mobile) trinity has enabled India to leverage its technical capabilities for developing fintech sector, he said at Global Fintech Fest 2021 organised by NPCI.

Piyush Goyal
Union Minister of Commerce and Industry, Piyush Goyal briefs press on Cabinet decisions, at National Media Centre in New Delhi (Photo: PTI)
Press Trust of India New Delhi
1 min read Last Updated : Sep 30 2021 | 2:33 PM IST

India is poised to become one of the largest digital markets with rapid expansion of mobile and internet as the country is one of the fastest growing markets with over 2,100 fintechs operational, Commerce and Industry Minister Piyush Goyal said on Thursday.

JAM (Jan Dhan, Aadhaar and Mobile) trinity has enabled India to leverage its technical capabilities for developing the fintech sector, he said at the Global Fintech Fest 2021 organised by the National Payments Corporation of India.

He added that fintech companies are playing a crucial role in financial inclusion in the country.

Goyal also said the fintech sector has demonstrated the resilience and adaptability of citizens towards technology and at 87 per cent, India has the highest fintech adoption rate in the world against the global average of 64 per cent.

"Today, India is one of the fastest growing markets with over 2,100 fintechs operational," he said adding "the non-financial services sectors are also proactive in adopting fintech solutions. With expansion of their value chains, the demand for fintech services will grow exponentially".

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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Topics :Piyush GoyalFintech

First Published: Sep 30 2021 | 2:33 PM IST

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