Sabkasaath, Sabkavikas It’s time to take India-UK fintech ties to the next level
Readers will no doubt associate the phrase with Prime Minister Modi and his commitment to work together with the people ...
This is a huge jump from the current figure of INR 200 billion, and shows just how quickly India’s expertise in ecommerce and mobile payments is developing.
But while the growth of firms like Paytm is impressive, and a welcome development of the Indian e-payments sector, there are still challenges to overcome, including the fact that 40 per cent of the total population of India remain unbanked and more than 80 per cent of payments in India are still made by cash. There’s also room to build on India’s skills development in cyber security, insurance and regulation.
It’s here where the UK can lend support. After all, we’re a world leader in the field of fintech, which contributes over £5 billion to the UK economy each year, and in 2017 UK payment systems dealt with more than 21 billion transactions worth around £75 trillion. There are 76,500 fintech related jobs in the UK, a number which is set to grow beyond 100,000 by 2030.
PMs Modi and May recognised the great potential for technological cooperation when they launched the India-UK Tech partnership back in April. Our collaboration on fintech sits within this context—using the latest technology to address real world problems.