Page 45 - Mann Ki Baat April 2022

being recognised on such a large Growing popularity of
platform. Everyone at TFM is filled
with pride to be acknowledged for Digital Payments
the work.”
India being amongst the top
countries in the digital payment
space speaks a lot in itself and “The fintech revolution today
small merchants like the street has enabled the convenience
vendors and ones in the local of digital payments to reach
markets have been a major people residing in remote areas.
catalyst in this growth. The
While earlier the money used
cashless economy has brought
to come after 2-3 days in any
greater financial inclusion for
kind of digital transaction,
these merchants which earlier was
today with the use of real-time
not catered to by the traditional
payment methods like UPI and
institutes.
IMPS, people are becoming
“Fintechs are the pillars of this new more confident using them.
economy. Starting with payment
We (NPCI) envisioned that any
products, now almost all fintech
system built by our engineers
companies are catering to the
should be fully secured
untapped credit gap. Indian
and would keep away the
fintechs have been at the forefront
involvement of any third or
of creating financial inclusion,”
international party. Also, RBI
they opined.
had brought a very important
A true digital India would be when
regulation 3-4 years back which
we all are willing to transact
ensured data-localisation.
digitally. Calling on the attention
of the citizens, they said that since One of the reasons why the
PM Modi has made this appeal of fintech revolution in India has
‘Cashless Day Out’, we all have to been doing so well is also
come forward and adopt digital because the regulators of
payments. And for this experiment our country are very forward-
to become a mass movement, looking, who have allowed
we would urge the youth to go banks and payment institutions
out with zero cash and promote to enter the digital payments
a transparent and seamless ecosystem. The digital map of
economy. India has also changed with
schemes like Pradhan Mantri
Jan-Dhan Yojana.”
To know more about
Cashless Economy and NPCI, – Nalin Bansal
scan QR code Fintech Chief, NPCI

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