Reports are coming that Prime Minister Narendra Modi on Friday asked fintech firms to focus on ensuring greater security in their transactions to retain the trust of people who have embraced digital payments and financial technologies.
It was time to convert India’s fast fintech adoption, reflected in high volumes of UPI and other digital transactions, into a ‘fintech revolution that helps to achieve financial empowerment of every single citizen of this country’.
Certain considerations needed attention in this endeavour, he said. “Achieving this huge scale means that people from all walks of life have shown immense trust by accepting digital payments and technologies.
Trust is a responsibility that you have, and you need to ensure that interests of the people are secure,” he noted. Emphasising that fintech innovation would thus be incomplete without ‘fintech security innovation’.
The Prime Minister observed that India believed in sharing its experiences and expertise with the world and learning from them as well.
“India’s finance is a lifeblood for the economy and technology is its carrier. Both are equally important for achieving Antyodaya as well as Sarvodaya,”
He pointed out at the InFinity Forum organised by the International Financial Services Centres Authority (IFSCA) and Bloomberg.
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