Mobile payments exceeded ATM withdrawal last year: PM Modi at InFinity Forum

Mobile payments exceeded ATM withdrawal last year: PM Modi at InFinity Forum

During his address, PM Modi hailed the growth in mobile payments which he said exceeded ATM withdrawals for the first time last year.

Prime Minister Narendra Modi inaugurated the InFinity Forum, a thought leadership forum on the fintech sector, on Friday at 10 AM via video conferencing.

During his address, PM Modi hailed the growth in mobile payments which he said exceeded ATM withdrawals for the first time last year.

“Fully digital banks, without any physical branch offices, are already a reality and may become commonplace in less than a decade India has proved to the world that it is second to none when it comes to adopting technology or innovating around it,” he said during the opening address of the event being hosted by International Financial Services Centres Authority (IFSCA), under the aegis of the central government in collaboration with GIFT City and Bloomberg.

Prime Minister’s Office (PMO) in a statement issued earlier said, InFinity Forum will bring together policy, business, and technology stakeholders on one platform to discuss how technology and innovation can be leveraged by the fintech industry.

Modi added “transformational initiatives” under the government’s flagship Digital India scheme “opened doors for innovative fintech solutions to be applied in governance.”

“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. We believe in sharing our experiences and expertise with the world and learning from them as well. Our Digital Public Infrastructure solutions can improve the lives of citizens around the world,” he added.

The forum aims to focus on FinTech beyond boundaries, with governments and businesses focussing beyond the geographical boundaries in the development of global stack to promote financial inclusiveness.

Mobile payments exceeded ATM withdrawal last year: PM Modi at InFinity Forum
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The two-day event will see participation from delegates from 70 countries. Key speakers at the forum includes Finance Minister of Malaysia Tengku Zafrul Aziz, Finance Minister of Indonesia Mulyani Indrawati, Minister of Creative Economy Indonesia Sandiaga S Uno, RIL CM & MD Mukesh Ambani, Chairman & CEO SoftBank Group Corp. Masayoshi Son, Chairman and CEO, IBM Corporation Arvind Krishna, MD and CEO Kotak Mahindra Bank Limited Uday Kotak, among others.

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