Fintechs Urged to Lead Revolution in Offline Payment Solutions for Financial Inclusion
DFS Secretary M Nagaraju highlighted the importance of fintechs focusing on offline payment solutions to boost financial inclusion globally. Addressing a CII Summit, he cited the Pradhan Mantri Jan Dhan Yojana's success in India, calling for greater use of AI and consumer protection in financial services.
- Country:
- India
On Monday, DFS Secretary M Nagaraju emphasized the need for fintech companies to pioneer offline payment solutions, essential for advancing financial inclusion worldwide.
During the CII Summit on Financial Inclusion and FinTech, Nagaraju underscored the transformative potential of artificial intelligence to enhance user convenience in financial transactions.
He highlighted the critical role fintechs play in economic growth and poverty reduction, urging them to uphold consumer protection and citing the success of India's Pradhan Mantri Jan Dhan Yojana in vastly expanding bank account access since 2014.
(With inputs from agencies.)
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