Union Minister of Commerce & Industry, Consumer Affairs & Food & Public Distribution and Textiles, Piyush Goyal has said India is poised to become one of the largest digital markets in the world. Addressing the 2nd Global Fintech Fest-2021 through video conferencing today, he noted that at 87%, India has the highest FinTech adoption rate in the world against the global average of 64%. As of May 2021, India's United Payments Interface (UPI) has seen participation of 224 banks & recorded 2.6 billion transactions worth over $68 Bn and the highest ever, more than 3.6 Bn transactions, in Aug'21 and over 2 trillion transactions were processed using the AePS (Aadhar-enabled payment system) last year. The Minister said India's FinTech industry came to the rescue of people at the time of pandemic, by enabling them to carry out critical activities from the safety of their homes, particularly during the lockdown & the 2nd wave of Covid.A lot of Indian Fintech markets are unicorns and India's market is currently valued at $31 Bn, and expected to grow to $84 Bn by 2025, he said.
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