Blitz Bureau
NEW DELHI: India is leading the global digital revolution, emerging as a frontrunner on the back of its robust digital public infrastructure. This vibrant financial technology (FinTech) ecosystem, and a conducive policy environment to emerge as the fastest-growing digital economy in the world, according to the RBI Report on Currency and Finance (2023-24)
Globally, India ranks first in biometric-based identification (Aadhaar) and real-time payments volume, second in telecom subscribers, and third in terms of the startup ecosystem, the report points out. The flagship Unified Payments Interface (UPI) has revolutionised the retail payment experience for end users, making transactions faster and more convenient.
In the digital currency arena, the Reserve Bank is at the forefront with pilot runs of the e-rupee, the central bank digital currency (CBDC). The digital lending ecosystem is becoming vibrant with initiatives such as the Open Credit Enablement Network, the Open Network for Digital Commerce, and the Public Tech Platform for Frictionless Credit.
FinTechs are collaborating with banks and non-banking financial companies (NBFCs) as lending service providers. They are also operating platforms to facilitate digital credit. BigTechs are backing payment apps and lending products as third-party service providers.
