India’s Digital Currency Will Boost India’s Fintech Sector

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India’s Digital Currency Will Boost India’s Fintech Sector

Posted on March 30, 2022

With the introduction of the digital currency known as CBDC in the 2022 budget, many industry geeks and research experts are pondering the impact of the digital rupee on the fintech sector. Prime Minister Narendra Modi said the introduction of the CBDC will transform the fintech industry by minimizing cash printing and logistics management challenges, creating new opportunities, and making digital and digital payments safer and easier. online fund transfers. The issuance of CBDCs will also lead to more efficient and systematic currency management.

Many fintech pundits have pointed out the need for digital currency for the modern Indian financial system to get its corresponding electronic version. The increased use of cryptocurrencies and an apparent pique in people’s interest in investing in cryptocurrencies has prompted the government to create its digital currency. The launch of the CBDC will channel the profitable globalization of payment setups.

Welcoming the government’s decision, Nishant Arora, co-founder of Sixth Element Finserv’s Setup Services India, said, “Government of India’s decision to introduce CBDC is a welcome move as it will revolutionize the fintech industry and solve the problems security and trust of Indians related to digital payment transactions. He added, “It will help fintech companies increase their base of trusted users who are ready to transact more and engage more.”

Commenting on how CDBC will transform the fintech industry, Pramod Chandrayan, Co-Founder and CPO, FinMapp said, “The CDBC app will increase the number of taxpayers, simultaneously driving the growth of creditworthy user profiles. Ultimately, this will drive the lending side of the business for the fintech industry. Stronger security will encourage more and more people to transact on digital platforms and lead to increased transparency, ultimately strengthening the vision of financial inclusion for the fintech world and the greater good of consumers.

The advent of the CBDC will also stimulate and broaden the horizons of international trade, reinforcing the idea of ​​financial inclusiveness and potentially giving rise to new forms of e-commerce and revolutionizing buying and investing trends at across India. Digital currency payments would reduce settlement risks in the financial sector. This would also enact real-time forex trading.

Sylvia B. Polson