June 2024 \ News \ News

New Delhi: Fintech leaders in May hailed Prime Minister Narendra Modi on India leading in unified payments interface (UPI), saying that the country’s fintech landscape is now a hotbed for innovation, reflecting the nation’s fearless spirit.

Reacting to PM Modi’s exclusive interaction with IANS, Razorpay COO Rahul Kothari, said, “Today, UPI has become the common and preferred mode of payment for customers”.

“The state of the new normal not only showcases the promising trajectory for India’s digital economy but also talks about the immense trust our citizens have put in digital payments,” Kothari added.

The Prime Minister said that driven by digital public infrastructure (DPI) models like UPI, the country is now leading the global fintech ecosystem and several countries are ready to embrace the ‘India Stack’ solutions to empower the masses.

The UPI platform processed 13,115 crore transactions in FY24, aggregating to nearly Rs 200 lakh crore in value, compared with 8,376 crore transactions worth Rs 139 lakh crore in FY23.

Lokanath Panda, COO of BLS eServices, told IANS that even in the remotest villages, small traders are investing in digital payments for their convenience and efficiency. “The use of technology is enhancing transparency and fostering inclusivity. India’s UPI is now performing a new responsibility that is uniting global partners with India,” he said.

India is home to more than 10,000 fintech companies working in diverse sectors and segments. As per reports, the third largest globally, India’s fintech ecosystem is poised to reach nearly $70 billion in annual revenue by FY30.