India is seeing an increasing digitization of financial services, with consumers shifting from cash to cards, wallets, apps, and UPI, NITI Aayog Vice-Chairman Rajiv Kumar told PTI. While releasing a report — Connected Commerce: Creating a Roadmap for a Digitally Inclusive Bharat — prepared jointly by Niti Aayog and Mastercard, Kumar said this report looks at some key sectors and areas that need digital disruptions to bring financial services to everyone.
“Technology has been transformational, providing greater and easier access to financial services. India is seeing an increasing digitization of financial services, with consumers shifting from cash to cards, wallets, apps, and UPI,” PTI quoted Kumar as saying.
Mastercard Asia Pacific Co-President Ari Sarker said the Covid-19 pandemic has alerted consumers and businesses to the fragility of cash and the resilience of digital technologies, including digital payments.
“India has changed its operating landscape in making digital more accessible and friction free. It is one of the most advanced digital payments environment in the world. Now is the time to take our learnings and digital transformation-at-scale with speed and agility,” he said.
NITI Aayog CEO Amitabh Kant noted that India is emerging as the hub of digital financial services globally, with solutions like UPI growing tremendously and being hailed as instrumental in bringing affordable digital payment solutions to the last mile.