bfsi.economictimes.indiatimes.com
Open in
urlscan Pro
2a02:26f0:6c00:2ad::3857
Public Scan
URL:
https://bfsi.economictimes.indiatimes.com/news/fintech/india-has-already-crossed-ambitious-10-trillion-mark-in-digital-economy-exec-dir-rb...
Submission: On October 03 via api from IN — Scanned from DE
Submission: On October 03 via api from IN — Scanned from DE
Form analysis
4 forms found in the DOM<form>
<ul class="tabs clearfix">
<li><a class="active" href="#" data-target="cookietabAnalytics">Analytics</a></li>
<li><a class="" href="#" data-target="cookietabNecessary">Necessary</a></li>
<li><a class="hideit" href="#" data-target="cookietabNewsletter">Newsletter</a></li>
</ul>
<div data-box="cookietabAnalytics" class="scroll-content ">
<table cellpadding="0" cellspacing="0">
<thead>
<tr>
<th></th>
<th>Name</th>
<th>Provider</th>
<th>Expiry</th>
<th>Type</th>
<th>Purpose</th>
</tr>
</thead>
<tbody>
<tr>
<td><input name="config.ga" id="id-config-ga" type="hidden" value="0"><input name="config.ga" type="checkbox" value="1"></td>
<td><label for="id-config-ga">Google Analytics</label></td>
<td><label for="id-config-ga">Google</label></td>
<td><label for="id-config-ga">1 Year</label></td>
<td><label for="id-config-ga">HTTPS</label></td>
<td><label for="id-config-ga">To track visitors to the site, their origin & behaviour.</label></td>
</tr>
<tr>
<td><input name="config.ibeat" id="id-config-ibeat" type="hidden" value="0"><input name="config.ibeat" type="checkbox" value="1"></td>
<td><label for="id-config-ibeat">iBeat Analytics</label></td>
<td><label for="id-config-ibeat">Ibeat</label></td>
<td><label for="id-config-ibeat">1 Year</label></td>
<td><label for="id-config-ibeat">HTTPS</label></td>
<td><label for="id-config-ibeat">To track article's statistics</label></td>
</tr>
<tr>
<td><input name="config.growthrx" id="id-config-growthrx" type="hidden" value="0"><input name="config.growthrx" type="checkbox" value="1"></td>
<td><label for="id-config-growthrx">GrowthRx Analytics</label></td>
<td><label for="id-config-growthrx">GrowthRx</label></td>
<td><label for="id-config-growthrx">1 Year</label></td>
<td><label for="id-config-growthrx">HTTPS</label></td>
<td><label for="id-config-growthrx">To track visitors to the site and their behaviour</label></td>
</tr>
</tbody>
</table>
</div>
<div data-box="cookietabNecessary" class="scroll-content hide">
<table cellpadding="0" cellspacing="0">
<thead>
<tr>
<th></th>
<th>Name</th>
<th>Provider</th>
<th>Expiry</th>
<th>Type</th>
<th>Purpose</th>
</tr>
</thead>
<tbody>
<tr>
<td><input name="config.optout" id="id-config-optout" type="hidden" value="1"><input name="config.optout" type="checkbox" value="1" checked="" disabled=""></td>
<td><label for="id-config-optout">optout</label></td>
<td><label for="id-config-optout">Times Internet</label></td>
<td><label for="id-config-optout">1 Year</label></td>
<td><label for="id-config-optout">HTTPS</label></td>
<td><label for="id-config-optout">Stores the user's cookie consent state for the current domain</label></td>
</tr>
<tr>
<td><input name="config.PHPSESSID" id="id-config-PHPSESSID" type="hidden" value="1"><input name="config.PHPSESSID" type="checkbox" value="1" checked="" disabled=""></td>
<td><label for="id-config-PHPSESSID">PHPSESSID</label></td>
<td><label for="id-config-PHPSESSID">Times Internet</label></td>
<td><label for="id-config-PHPSESSID">1 day</label></td>
<td><label for="id-config-PHPSESSID">HTTPS</label></td>
<td><label for="id-config-PHPSESSID">Stores user's preferences</label></td>
</tr>
<tr>
<td><input name="config.accessCode" id="id-config-accessCode" type="hidden" value="1"><input name="config.accessCode" type="checkbox" value="1" checked="" disabled=""></td>
<td><label for="id-config-accessCode">accessCode</label></td>
<td><label for="id-config-accessCode">Times Internet</label></td>
<td><label for="id-config-accessCode">2.5 Hours</label></td>
<td><label for="id-config-accessCode">HTTPS</label></td>
<td><label for="id-config-accessCode">To serve content relevant to a region</label></td>
</tr>
<tr>
<td><input name="config.pfuuid" id="id-config-pfuuid" type="hidden" value="1"><input name="config.pfuuid" type="checkbox" value="1" checked="" disabled=""></td>
<td><label for="id-config-pfuuid">pfuuid</label></td>
<td><label for="id-config-pfuuid">Times Internet</label></td>
<td><label for="id-config-pfuuid">1 Year</label></td>
<td><label for="id-config-pfuuid">HTTPS</label></td>
<td><label for="id-config-pfuuid">Uniquely identify each user</label></td>
</tr>
<tr>
<td><input name="config.OSTID " id="id-config-OSTID " type="hidden" value="1"><input name="config.OSTID " type="checkbox" value="1" checked="" disabled=""></td>
<td><label for="id-config-OSTID ">OSTID</label></td>
<td><label for="id-config-OSTID ">Times Internet</label></td>
<td><label for="id-config-OSTID ">1 Year</label></td>
<td><label for="id-config-OSTID ">HTTPS</label></td>
<td><label for="id-config-OSTID ">Oauth secure token</label></td>
</tr>
<tr>
<td><input name="config.OSSOID" id="id-config-OSSOID" type="hidden" value="1"><input name="config.OSSOID" type="checkbox" value="1" checked="" disabled=""></td>
<td><label for="id-config-OSSOID">OSSOID</label></td>
<td><label for="id-config-OSSOID">Times Internet</label></td>
<td><label for="id-config-OSSOID">1 Year</label></td>
<td><label for="id-config-OSSOID">HTTPS</label></td>
<td><label for="id-config-OSSOID">Oauth user identifier</label></td>
</tr>
<tr>
<td><input name="config.OSTPID" id="id-config-OSTPID" type="hidden" value="1"><input name="config.OSTPID" type="checkbox" value="1" checked="" disabled=""></td>
<td><label for="id-config-OSTPID">OSTPID </label></td>
<td><label for="id-config-OSTPID">Times Internet</label></td>
<td><label for="id-config-OSTPID">1 Year</label></td>
<td><label for="id-config-OSTPID">HTTPS</label></td>
<td><label for="id-config-OSTPID">used to sync accross portals</label></td>
</tr>
<tr>
<td><input name="config.fpid" id="id-config-fpid" type="hidden" value="1"><input name="config.fpid" type="checkbox" value="1" checked="" disabled=""></td>
<td><label for="id-config-fpid">fpid</label></td>
<td><label for="id-config-fpid">Times Internet</label></td>
<td><label for="id-config-fpid">1 Year</label></td>
<td><label for="id-config-fpid">HTTPS</label></td>
<td><label for="id-config-fpid">Browser Fingerprinting to uniquely identify client browsers</label></td>
</tr>
</tbody>
</table>
</div>
<div data-box="cookietabNewsletter" class="scroll-content hide">
<table cellpadding="0" cellspacing="0">
<thead>
<tr>
<th></th>
<th>Name</th>
<th></th>
<th></th>
<th></th>
<th>Purpose</th>
</tr>
</thead>
<tbody>
<tr>
<td><input name="config.newsletter" id="id-config-newsletter" type="hidden" value="0"><input name="config.newsletter" type="checkbox" value="1"></td>
<td><label for="id-config-newsletter">Daily Newsletter</label></td>
<td><label for="id-config-newsletter"></label></td>
<td><label for="id-config-newsletter"></label></td>
<td><label for="id-config-newsletter"></label></td>
<td><label for="id-config-newsletter">Receive daily list of important news</label></td>
</tr>
<tr>
<td><input name="config.promonewsletter" id="id-config-promonewsletter" type="hidden" value="0"><input name="config.promonewsletter" type="checkbox" value="1"></td>
<td><label for="id-config-promonewsletter">Promo Mailers</label></td>
<td><label for="id-config-promonewsletter"></label></td>
<td><label for="id-config-promonewsletter"></label></td>
<td><label for="id-config-promonewsletter"></label></td>
<td><label for="id-config-promonewsletter">Receive information about events, industry, etc.</label></td>
</tr>
</tbody>
</table>
</div>
<footer>
<label><input type="hidden" name="useragreement" value="0"><input type="checkbox" name="useragreement" value="1"> I've read & accepted the
<a style="color:red" href="https://bfsi.economictimes.indiatimes.com/terms_conditions.php" target="_blank">terms and conditions</a></label>
<input type="button" id="submitconsent" value="OK">
<span class="err_txt hide"></span>
</footer>
</form>
GET https://bfsi.economictimes.indiatimes.com/search
<form method="get" id="search_form" action="https://bfsi.economictimes.indiatimes.com/search">
<input name="q" aria-label="Query" type="text" class="txt" autocomplete="off" placeholder="Search" value="">
</form>
<form action="" class="clearfix">
<div class="section clearfix">
<input id="subscribe_email_top" aria-label="Email" type="text" class="textbox" value="" placeholder="Your Email">
<input type="button" id="subscriber_btn_top" onclick="EtB2b.subscription.updateSubscription('top');" class="btn submit" value="Join Now">
</div>
<ul class="nwsltr_lst clearfix" style="display:none;">
</ul>
</form>
<form action="" class="clearfix">
<input id="subscribe_email_bottom" aria-label="Email" type="text" class="textbox" value="" placeholder="Your Email">
<input type="hidden" name="pip_category_id_bottom" id="pip_category_id_bottom" value="0">
<input type="hidden" name="pip_category_top" id="pip_category_bottom" value="">
<input type="hidden" name="newsletter_id_bottom" id="newsletter_id_bottom" value="">
<input type="button" id="subscriber_btn_bottom" class="btn submit" value="Join Now" onclick="EtB2b.subscription.updateSubscription('bottom');">
</form>
Text Content
We have updated our terms and conditions and privacy policy Click "Continue" to accept and continue with ET BFSI ACCEPT THE UPDATED PRIVACY & COOKIE POLICY Dear user, ET BFSI privacy and cookie policy has been updated to align with the new data regulations in European Union. Please review and accept these changes below to continue using the website. You can see our privacy policy & our cookie policy. We use cookies to ensure the best experience for you on our website. If you choose to ignore this message, we'll assume that you are happy to receive all cookies on ET BFSI. * Analytics * Necessary * Newsletter NameProviderExpiryTypePurpose Google AnalyticsGoogle1 YearHTTPSTo track visitors to the site, their origin & behaviour.iBeat AnalyticsIbeat1 YearHTTPSTo track article's statisticsGrowthRx AnalyticsGrowthRx1 YearHTTPSTo track visitors to the site and their behaviour NameProviderExpiryTypePurpose optoutTimes Internet1 YearHTTPSStores the user's cookie consent state for the current domainPHPSESSIDTimes Internet1 dayHTTPSStores user's preferencesaccessCodeTimes Internet2.5 HoursHTTPSTo serve content relevant to a regionpfuuidTimes Internet1 YearHTTPSUniquely identify each userOSTIDTimes Internet1 YearHTTPSOauth secure tokenOSSOIDTimes Internet1 YearHTTPSOauth user identifierOSTPID Times Internet1 YearHTTPSused to sync accross portalsfpidTimes Internet1 YearHTTPSBrowser Fingerprinting to uniquely identify client browsers NamePurpose Daily NewsletterReceive daily list of important newsPromo MailersReceive information about events, industry, etc. I've read & accepted the terms and conditions NEWS SITES * Auto News * Retail News * Health News * Telecom News * Energy News * CIO News * Real Estate News * Brand Equity * CFO News * IT Security News * Government News * Hospitality News * HR News * Legal News * ET TravelWorld News * Infra News * B2B News * CIOSEA News * HRSEA News * HRME News Upcoming Event: CFO Meet & discussion on Revised Companies Act Sign in/Sign up * Follow us: * * * * * * * ETBFSI Exclusive * BANKING * INSURANCE * InsurTech * NBFC * FINTECH * Payments * Digital Lending * RegTech * Open API * BFSI Videos * Editor's View * Brand Solutions * ETBFSI AWARDS 2022 * ETBFSI CXO CONCLAVE Connecting Financial Institutions Digitally * LAY THE GROUNDWORK TO ACCELERATE BANKING INNOVATION * ETBFSI FINNEXT SUMMIT The Future of NBFCs and FinTechs * SIDBI-ET MSMES/STARTUPS Roudtable Discussion * REIMAGINE NEXT * LEARNFEST * REIMAGINE NEXT - THE FUTURE OF LEARNING * ETBFSI.COM CONVERGE BFSI: The world of Hyper-personalization * ETBFSI EXCELLENCE AWARDS 2021 AWARDS FOR EXCELLENCE IN INNOVATION * FUTURE READY SECURITY FOR DIGITAL-FIRST BFSI * 3RD EDITION OF ETBFSI CXO CONCLAVE Unlocking the BFSI Potential * THE DIGITAL NEXT: SERIES 2.1 Live Virtual Summit * JOIN THE ECONOMIC TIMES FINANCIAL INCLUSION SUMMIT 2021 * 2ND EDITION OF ETBFSI VIRTUAL SUMMIT 2021 * ET BANKING LEADERSHIP SERIES PRESENTED BY MANIPAL ACADEMY * Millennial Finance * FinTech Diary * BFSI Tech Tales * Green Finance * IBC * ETBFSI Explains * BFSI Movement * More * Blogs * Innovation Masters * POLICY * FINANCIAL SERVICES x * BFSI News * Latest BFSI News * Fintech EXCLUSIVE ‘INDIA HAS ALREADY CROSSED AMBITIOUS 10-TRILLION MARK IN DIGITAL ECONOMY’: EXEC DIR, RBI Reserve Bank of India ED, Vivek Deep spoke in detail on India's digital payments infrastructure, how the country crossed the estimated 10-trillion mark in digital economy, what new initiatives RBI is working on to further aid the growth and much more. * Anushka Sengupta * ETBFSI * September 28, 2022, 08:00 IST * * * * * * * * The 10-trillion mark in the digital payments industry is ambitious at all as India has already crossed the target in the digital payments industry, said Vivek Deep, Executive Director, Reserve Bank of India. "For the $ 10 trillion target that the report says, it may only include the retail transactions, it doesn't contain the large business transactions at all, as in that way even today if we include all those, which are after all part of digital transactions, in that case we have already crossed $ 22 trillion, so the target is already achieved," he said. Leading global and Indian fintech players have been key drivers of UPI adoption in India among end users, aided by buildout of a large QR-code based merchant acceptance network, and further supported by user-friendly interfaces, innovative offerings and an open API ecosystem. It is to be noted that as per the report by BCG Consulting, India's digital payments market is at an inflection point and is expected to increase more than threefold from the current US$3 trillion to US$10 trillion by 2026. The report by BCG also additionally states that digital payments will constitute nearly 65% of all payments by 2026, up from 40% today and there would be a 7x growth in digital merchant payments - from US $ 0.3-0.4 trillion today to US $ 2.5-2.7 trillion by 2026. As a result of this unprecedented growth, digital payments (non-cash) will constitute 2 out of 3 payment transactions by 2026, the report highlighted. Geo-Tagging of Payment Infrastructure Vivek Deep bets strong on India's digital economy however, Deep also highlighted that reaching such a major milestone we shouldn't be content yet, sitting on our laurels, as there's still a lot to do. The RBI ED also brought to everyone's attention a task RBI is set on, which is the geo-tagging of the payment systems and explained the need of this initiative and the motif of the regulator behind. "One thing that we have started thinking on is geo-tagging of the payment infrastructure. So, with geo-tagging we hope to understand what is the geographical location of the extent infrastructure that we have and that will give us an idea as to what is the type of concentration , which are the areas which are lagging so that we can concentrate there in terms of building the infrastructure," he said. He also said that the PIDF fund is in compliment to the geo-tagging initiative and the regulator would want to build the much-needed infrastructure in the areas where it is lagging. Vivek Deep remarks came while speaking at the Global FinTech Fest, 2022 in Mumbai. Follow and connect with us on Twitter, Facebook, Linkedin, Youtube Fintech rbi vivek deep india upi reserve bank of india global fintech fest bcg api Digital payments Digital economy Read on App Read on App PEOPLE WHO READ THIS ALSO READ * How Web3 is set to revolutionise lending, skip banks * GST officers detect Rs 824 cr tax evasion by insurance cos * Experts anticipate 50 bps rate hike ahead of MPC; Here’s how it will affect borrowers * Union Bank of India bets on festival season, offers low rates and zero processing charges SUBSCRIBE TO OUR NEWSLETTER 50000+ Industry Leaders read it everyday I have read Privacy Policy and Terms & Conditions and agree to receive newsletters and other communications on this email ID. FINTECH * 2 hrs ago FINTECH TO FUEL MSME GROWTH AND STEER INDIA TO 5-TRILLION DOLLAR ECONOMY * 1 day ago ED FREEZES CRYPTO CURRENCY, TETHER WORTH RS 47.64 LAKH * 2 days ago MANY MORE APPS TO JOIN ONDC PLATFORM IN COMING WEEKS * 2 days ago DESPITE WIPING OUT 70% VALUE FROM IPO PRICE, JP MORGAN SEE 60% UPSIDE IN PAYTM View More EDITOR'S PICK * 2 hrs ago FINTECH TO FUEL MSME GROWTH AND STEER INDIA TO 5-TRILLION DOLLAR ECONOMY * 3 hrs ago HOW EMBEDDED FINANCE IS SET TO SPUR FINANCIAL INCLUSION * 3 hrs ago MPC’S 4TH HIKE IN ROW AMID GLOBAL RECESSION FEAR; IMPLICATIONS AND WAY FORWARD * 1 day ago WHY BFSI MUST RELY ON CLOUD TO SURVIVE AND THRIVE IN A DYNAMIC LANDSCAPE * 1 day ago THE UPI WAY: CARDLESS CASH WITHDRAWAL AT ATMS BFSI VIDEOS * DIGITAL TOOLS FOSTERING CREDIT ACCESS FOR SMES: SIDBI CMD “Access to credit for SMEs is getting solved through digital tools and we have already seen the adoption by all banks based on the JAM trinity. This has led to an explosion in FinTechs working with banks, and a lot of that is actually directed to how finance or credit can reach SMEs. So, we have finally reached a point ready for takeoff,” said S Ramann, CMD, SIDBI at the fourth edition of ETBFSI CXO Conclave 2022. Highlighting SIDBI's role of being at the forefront with banks apart from just being a direct lender to businesses Ramann said, "Our real hope as SIDBI is that we should be at the forefront with the banks, helping them make this transition in whatever way we can and that's what SIDBI's role is, apart from being a direct lender to the SMEs, the idea is to build the ecosystem." He spoke on various interesting topics like SIDBI's role in digital transition in the lending business, credit access to small businesses, and digital credit mechanisms for underwriting among others. * 4 days ago INDIA IS NO EXCEPTION TO INFLATIONARY TENDENCIES BUT HAS MANAGED WELL: SOUTH INDIAN BANK CEO * 5 days ago BENIGN INFLATION AND INTEREST RATES IDEAL FOR BANKS TO THRIVE: NITESH RANJAN, ED, UNION BANK * 18 days ago ETBFSI FINTECH DIARY WITH SASHANK RISHYASRINGA, CO-FOUNDER AND MD, AXIO (FORMERLY CAPITAL FLOAT) View More EXCLUSIVE INDIAN FINTECH MARKET TO RECORD ‘10 TIMES’ GROWTH; ACHIEVE $1TN IN AUM, $200BN IN REVENUE BY 2030 India is now being recognized as one of the largest FinTech unicorn ecosystems, home to 21 FinTech Unicorns as of March 2022. * ETBFSI Click Here to Read This Story * * * * * * * * Indian Fintech market is expected to record a 10 times growth to achieve $1Tn in Assets Under Management (AUM) and $200Bn in revenue, said the report titled ‘$1 Tn India FinTech Opportunity'. The report released by Chiratae Ventures in collaboration with Ernest and Young (EY), highlighted that much of the growth will be driven by the digital lending market, which is expected to grow to $515 Bn in book size by 2030. The market is expected to reach $1Tn in AUM with contribution from lending to be highest at 50%+, while from a revenue standpoint payments and lending make 75%+ of the pool, the report highlighted. India is now being recognized as one of the largest FinTech unicorn ecosystems, home to 21 FinTech Unicorns as of March 2022. An organic and collaborative ecosystem is driving this growth, which is being supported by key government initiatives, such as Digital India, Smart City, the development of UPI, and other initiatives. Payments, Digital Lending, WealthTech, InsurTech, and Neo-banking will all be contributing to growth in the FinTech space with Agri+FinTech and Prop+FinTech considered to be big bets. Tailwinds due to favorable demographics, growing technology adoption, higher disposable incomes, and aware customer are further fuelling this growth. Fintechs have been innovating in product and delivery to cater to the evolving needs of the customers. The report also highlights that Buy Now Pay Later has become mainstream and is on an accelerated growth trajectory, emerging strong not only in B2C but also in the B2B payments space. On the launch of the report Sudhir Sethi, Founder, and Chairperson, Chiratae Ventures said, “The Indian Fintech market has been a formidable global force, contributing to the largest share of unicorns in India. We have been a technology-first investor believing in the power of both data and technology and hence have backed companies such as EarlySalary, Kristal.ai, PB Fintech, ShopSe, and Vayana amongst others” Co-lending to emerge as a preferred model that supports lending partners in mitigating their risk exposure. New asset classes, Crypto & NFT will also continue to attract investor interest as fintech continues to solve for traditionally underserved customers. Technology-based Innovation on the underwriting side of the insurance value chain will help deliver solutions for the highly unpenetrated market at affordable rates. “FinTechs have innovated for the underserved financial markets through a strong and supportive ecosystem, which will continue to keep accelerating growth and penetration of Fintech in India. These include fast-growing digital adoption and mobile penetration on the back of the cheapest data rates in the world offered by private telecom players, to enabling regulatory environment coupled with world-leading digital infrastructure (Aadhar, UPI, BBPS etc.), and structural reforms and initiatives (GST, TReDSetc.),” said TC Meenakshi Sundaram, Co-Founder and Vice Chairperson, Chiratae Ventures. “We also expect FinTechs to continue solving for the substantial and growing sub-markets with novel solutions,” he added. With 5X growth in the digital tech talent, India has the opportunity to address the global digital skill gap and establish itself as the destination of digital and tech talent. “India is recognized as a strong FinTech hub globally and is increasingly becoming a talent destination for fintech businesses. We are glad to partner with Chiratae Ventures and delve into the emerging trends in regulatory innovation, technology advancements, new business models, industry convergence, and inclusive digital financial services in the Indian fintech space,” said Rajiv Memani, Chairman and Managing Partner, EY India. The report also highlighted that the regulatory support will enable the industry further as already established models go international through collaborations. The actively encouraging innovation through regulatory sandboxes, new distribution models, and the launch of innovative products has provided a good regulatory environment. Follow and connect with us on Twitter, Facebook, Linkedin, Youtube Fintech wealthtech fintech unicorns digital lending digital india chiratae ventures Read on App Read on App * Industry News * Auto News * Retail News * Health News * Telecom News * Energy News * CIO News * Real Estate News * Brand Equity * CFO News * IT Security News * Government News * Hospitality News * HR News * Legal News * ET TravelWorld News * Infra News * B2B News * CIOSEA News * HRSEA News * HRME News * CONTACT US ADVERTISE WITH US We have various options to advertise with us including Events, Advertorials, Banners, Mailers, Webinars etc. Please contact us to know more details. * SIGN UP FOR ETBFSI NEWSLETTER Get ETBFSI's top stories every morning in your email inbox. 50000+ Industry Leaders read it everyday I have read Privacy Policy and Terms & Conditions and agree to receive newsletters and other communications on this email ID. * FOLLOW US @ETBFSI Follow @ETBFSI for the latest news, insider access to events and more. * * * * * * About Us * Contact Us * Advertise with us * Newsletter * RSS Feeds * Embed ETBFSI.com Widgets on your Website * Privacy Policy * Terms & Conditions * Guest-Post Guidelines * Sitemap Copyright © 2022 ETBFSI.com. All Rights Reserved.