Made in India for the World

If “innovation” transforming a country was a “technology,” it would surely look like India’s Unified Payments Interface (UPI), the instant payment system developed in India and now getting exported across the globe. India does more digital transactions today than that of the US, China, and Europe put together. According to the Reserve Bank of India Governor Shaktikanta Das, UPI transactions now account for 80 percent of all digital payments in India, while the country accounts for 46 percent of all digital payments in the world. Indeed, the market’s newfound trust in the FinTech ecosystem can also be traced back to UPI’s overwhelming success.

India's success in digital transactions can be attributed to the launch of Digital India in 2015. Recently, Minister of State for Information and Technology Rajeev Chandrasekhar reminisced about this success and the prime minister's vision. Addressing the World Bank Digital Economy Conclave a few months ago, Rajeev said, "In 2015, through the launch of Digital India, Prime Minister Narendra Modi set unconventional expectations through three broad goals - technology should improve the lives of citizens, impact governance and democracy and further expand and create an architecture for an innovative economy. Over the past nine years, India has taken the lead in creating technologies as opposed to being a mute spectator and consumer of technology."

Our country's budding technology leaders have much to learn from this case study. Solving societal challenges with futuristic technologies and innovations with foresight is a great way to succeed. Remember, India-problems always require India solutions. We present this year’s special issues based on India’s FinTech ecosystem. Do let us know your thoughts.