UPI target to cross 1 billion transactions per day in next 5 yrs: Nirmala Sitharaman

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UPI target is to cross 1 billion transactions per day in next five years, Union Finance Minister Nirmala Sitharaman said on Tuesday.

She said in July, UPI processed 6.28 billion transactions worth Rs 10.62 trillion, which is 7 per cent higher than in June.

Sitharaman said the future of finance will be driven more and more through banking and related services and account aggregators will play a crucial role in it.

“Account aggregator system has been adopted by 21 banks including public sector banks,” she said addressing the session ‘Future of Financing’ at FICCI LEADS 2022 here.

The Minister emphasised that the link between start-ups, fintech and private equity is visible.

“There are 6,636 start-ups and 21 unicorns in fintech sector and private equity have helped them to become start-up. Private equity is pushing them (start-ups) quickly in the path of progress,” she said.

Sitharaman said the future of finance is going to be Volatile, Uncertain, Complex and Ambiguous (VUCA) and there is a sense of urgency with which we need to plan.

She also stated that the role of artificial intelligence is going to be critical in fintech sector.

“I see a big role for AI in fintech sector in detection of fraud, crime and accessing the risks. We will have to ensure personal data security, national and cyber security in our planning,” she said.

The Minister said India is working on a system where only a single KYC is needed which can be used across different spheres.

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