Context:
At the Digital Payments Awards 2025, Finance Minister Nirmala Sitharaman urged fintech startups to develop robust solutions to counter cyber frauds, including digital arrests, deepfakes, and scams by fly-by-night operators.
Key Highlights
- Call to Action
- Fintechs should work on preventing emerging threats like digital impersonation and deepfakes, which are causing growing harm to citizens.
- She emphasized the need for real-time, secure solutions from the startup ecosystem.
- Role in Financial Inclusion
- Fintechs have significantly accelerated financial inclusion and expanded digital payments to remote regions.
- The FM encouraged further expansion of digital lending, especially to MSMEs.
- Global Ambition
- Indian fintech solutions should become global public goods, aiding other emerging and developed economies.
- UPI-based merchant payments are now accepted in seven countries: Bhutan, France, Mauritius, Nepal, Singapore, Sri Lanka, and the UAE.
- Market Outlook
- India’s fintech market is projected to grow to $400 billion by FY29, with an expected 30% annual growth.
- FM called on the sector to “Innovate, Include, and Inspire”, positioning India as a global fintech leader.
