Than withdrawing money through ATM for the first time in India last year Mobile Phone By Transaction Increased.
Infinity System, at the launch event of 2021 Prime Minister Modi Spoken by:
The ‘Infinity System’ represents the numerous opportunities that FinTech has in India. It also shows that India’s Fintech has the ambition to benefit the entire world.
The history of the banknote shows numerous evolutions. As humans have evolved, so have our forms of transformation. From barter to metals, from coins to notes, from checks to cards, we are now here. Already it took many decades for these practices to spread around the world.
But this need of the global age will not exist. Technology has brought about tremendous change in the financial world. Than withdrawing money through an ATM for the first time in India last year Mobile Phone By Transaction Increased.
It has already become a reality for fully digital banks to operate branch offices without a building. Within ten years it will become commonplace.
To the world that technology is not for the faint of heart, whether it is adoption or innovation India Has proven. Under Digital India, initiatives for change have opened the door to new ventures in financial technology solutions. This is to be implemented in the administration.
With less than 50% of Indians having bank accounts in 2014, almost everyone in India has bank accounts with 430 million Jantan accounts in the last 7 years. So far 690 million rupees cards have been issued. There were 1.3 billion transactions in rupee cards last year. Last month alone, UPI made about 4.2 billion transactions.
The all-encompassing, financial practice is what drives the Fintech revolution. Fintech is positioned on 4 pillars: revenue, investments, insurance and credit to companies.
Investment becomes possible when income increases. Insurance funds have the potential to be challenging and turn into investments. Assists in credit expansion for companies. We have to work for each of these pillars. When all of these conditions come together, you can see a lot of people participating in finance.
Gujarat International Fintech (GJFT) city is not just a campus, it represents India. It represents India’s democratic values, needs, population and diversity. It represents India’s transparency for ideas, innovations and investment. Gift City is the gateway to the global Fintech world.
Finance is the lifeblood of the economy. Technology is its life. Both of these are of equal importance to achieve Antioch and Sarvodaya, and I remember having a conversation about this with Mike Bloomberg when we last met.
I thank the Bloomberg Group for their support. The Infinity system is the system of trust. Hope is the sense of innovation and imagination. Hope is the energy of young people, their passion for change. Hope is changing the world for the better. Together we will discover FinTech’s innovative ideas to solve the most pressing problems that are emerging globally.
Thus he spoke.
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