Prime Minister Narendra Modi on Friday via a tweet stated that last year “mobile payments exceeded ATM cash withdrawals for the first time” in India. Apart from this he also added that fully digital banks like DBS’s Digibank are now operating in the country and within less than a decade they may become commonplace. He also used this during his opening keynote at the InFinity Forum.
Last year, in India, mobile payments exceeded ATM cash withdrawals for the first time.
Fully digital banks, without any physical branch offices, are already a reality and may become commonplace in less than a decade: PM @narendramodi
— PMO India (@PMOIndia) December 3, 2021
During his speech at the InFinity Forum stated that initiatives under Digital India have opened doors for innovative Fintech solutions to be applied in governance. And now it is time to convert these fintech initiatives into a fintech revolution.
To recall, back in August, Union Minister of State for Finance Pankaj Chaudhary in a written reply to a question in Lok Sabha stated that the government is looking to move to a less-cash economy and a digital payment ecosystem. In his reply, Chaudhary also stated that the total volumes of digital payments have increased from 1459.02 crores in FY 2017-18 to 4371.18 crores in FY 2020-21.
India saw a major push in the adoption of digital transactions after the demonetization in 2016. These growth levels saw another major push during the ongoing COVID-19 pandemic. During the pandemic, many users shifted from cash transactions to net banking and other digital payment facilities due to hygiene and other reasons.
Another key factor in the growth is the offers being provided by digital payment gateways like Paytm, Google Pay and more provide customers with a lot of benefits.
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