India Aims to Become Fintech Powerhouse with Paytm's Global Innovations

In a pivotal move to enhance India's standing in the global digital economy, Union Minister of Commerce & Industry, Piyush Goyal, engaged in discussions with Paytm Founder and CEO, Vijay Shekhar Sharma, focusing on fintech, digital payments, and inclusive e-commerce in India.

Goyal underscored the government's ambition to establish India as a global leader in fintech and digital payments. The dialogue highlighted the potential of exporting India's innovative payment systems globally - a field where Paytm has been at the forefront with developments like mobile payments, QR codes, Soundbox technology, card machines, and UPI-based services.

The meeting also covered the inclusive potential of the Open Network for Digital Commerce (ONDC), aiming to empower local Kirana stores and small business owners by integrating them into the formal digital economy, thus enhancing access, transparency, and economic opportunities.

After the meeting, Paytm expressed gratitude to Minister Goyal for the productive conversation, reiterating its commitment to advancing innovations globally from India.

As one of India's leading platforms for mobile payments and financial services, Paytm continues to promote technology-driven growth, with a persistent focus on empowering small merchants, expanding UPI innovations, and fulfilling India's digital economy objectives.

Paytm remains the sole payments platform offering user-centric innovations, such as features to download UPI statements in various formats, hide or unhide payments, and check bank balances via the app.

This meeting reaffirms the crucial collaboration between the private sector and the government in cultivating a future-ready, globally significant fintech ecosystem, made in India for the world.

(With inputs from agencies.)