Prime Minister Narendra Modi on Friday underlined the need for converting fintech initiatives into fintech revolution to provide a low-cost and reliable payment system to the masses.
Speaking at the InFinity Forum, he said technology is bringing a big shift in finance, and mobile payment last year exceeded ATM withdrawals.
Fully digital banks without any physical branch offices are already a reality and may become commonplace in less than a decade, he said.
"Now, it is time to convert these fintech initiatives into a fintech revolution...A revolution that helps to achieve financial empowerment of every single citizen of the country," the prime minister said.
With the widening reach of fintech, there are considerations that need attention, he said, adding the fintech industry has achieved huge scale, and scale means people from all walks of life as customers.
"This fintech acceptability among the masses has a unique feature. That feature is trust," he noted.
Photograph: Courtesy PIB