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Finance Minister Nirmala Sitharaman Commends Fintechs For Advancing UPI-Powered QR Code Payments

OutlookIndiaOutlookIndia · 1y
Finance Minister Nirmala Sitharaman Commends Fintechs For Advancing UPI-Powered QR Code Payments

Finance Minister Nirmala Sitharaman praised India's fintech sector for its contributions in serving new-to-credit customers and driving the adoption of UPI-enabled QR code payments. Speaking at the Global Fintech Fest 2023 in Mumbai, she highlighted fintech's role in expanding financial services and noted that fintechs dominate 93% of UPI transaction values. Sitharaman called for global collaboration to address evolving challenges, citing fintech's success in lending, broking, and payments. She emphasized the need for responsible financial ecosystems and advocated for a regulatory framework to address emerging threats, including cryptocurrencies, which are currently unregulated in India.

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