Current Affairs - National - Discussion

According to EY FinTech Adoption Index, India has the second highest FinTech adoption rate among digitally active consumers at 52percent, only second to China at 69 percent. Usage is significantly high in large cities with a 66 percent adoption rate followed by 51 percent usage and adoption in small and medium cities. In India, fintech industry is being encouraged by the various government initiatives such as Jan Dhan Yojana, Aadhaar and the emergence of UPI which provide a good foundation to boost financial inclusion in India. Rural India lags at 33 percent. Money transfers and payments services leading the charge in India with adoption standing at 72 percent. Insurance is the next popular category with an adoption rate of 47 per cent, much higher than the global average of 24 per cent.