Regulations in the fintech industry have enabled India to become a global benchmark in fintech and unified payments interface (UPI)-based services are one such example, Harshil Mathur, CEO of full-stack financial services platform Razorpay, said on Monday.
Speaking to IANS, Mathur said that regulations have played a crucial role in driving innovation, financial inclusion and co-creating financial literacy.
“We firmly believe that regulations in the fintech industry have enabled India to become a global benchmark in the sector,” Mathur emphasised.
Transactions via the UPI platform surpassed the 100 billion-mark in 2023 to close at around 118 billion, representing 60 per cent growth as compared to 74 billion transactions recorded in 2022.
The total value of UPI transactions in 2023 stood at around Rs 182 lakh crore, up by 44 per cent as compared to Rs 126 lakh crore in 2022, according to latest data by the National Payments Corporation of India (NPCI).
Mathur said that the Digital India Stack is now a global benchmark for most countries, providing a competitive advantage for growing businesses.
“As the financial ecosystem and digital payment transactions grow, compliance and governance have to go hand in hand. Regulators have efficiently balanced innovation with risk management while they allow people to innovate,” Mathur stressed.
Currently, the key regulatory bodies that regulate fintechs in India are the Reserve Bank of India (RBI), the Insurance Regulatory and Development Authority of India (IRDAI) and the Securities and Exchange Board of India (SEBI).
The RBI last month released a 'draft framework for recognising Self-Regulatory Organisations (SRO) for FinTech Sector', laying down the characteristics of a fintech SRO, and includes the required functions and governance standards.
According to the Central Bank, “self-regulation within the fintech sector is a preferred approach for achieving the desired balance”.
The Razorpay CEO said that given the growing prominence of the fintech industry, “it becomes a must for companies to possess the right regulatory insights and uphold high responsibility to ensure compliance, creating a layer of trust, protection and shield for the entire financial ecosystem”.
When it comes to data, the digital P2M (person-to-merchant) payments market in the country is likely to reach $4 trillion by 2030.
Razorpay said it has achieved an annualised total payment volume (TPV) of $150 billion across its business verticals.
“Recognising the ever-expanding potential of startups, freelancers and enterprises, the company believes businesses today require an intelligent real-time financial infrastructure to scale with evolving payment and banking needs and diverse consumers and markets,” Mathur added.
India has the fourth-highest funded fintech startup ecosystem globally. The enterprise fintech industry in the country is poised to expand exponentially, with projections estimating a market size of nearly $20 billion by 2030.
According to a latest report by Chiratae Ventures, in collaboration with The Digital Fifth, investment in technology across financial segments is expected to witness high growth over the coming decade.
Stock market opens higher ahead of Eco Survey, Union Budget
As the nation gears up for the Economic Survey and the Union Budget 2025-26, the domestic benchmark indices on Friday opened higher. Optimism was seen in the air as investors looked for potential catalysts in the upcoming Budget.
Indian-origin NASA astronaut Sunita Williams undertakes another spacewalk
US space agency NASA on Thursday announced that Indian-origin astronaut Sunita Williams, along with colleague Butch Wilmore, have begun their second spacewalk for maintenance and scientific experiments.
ISRO celebrates milestone with 100th launch of GSLV rocket, successfully deploys NVS-02 satellite
India’s space agency, ISRO, marked a significant milestone on Wednesday morning with the successful launch of its 100th GSLV rocket from the Satish Dhawan Space Centre in Sriharikota.
NCLAT stays CCI ban on WhatsApp, Meta evaluating next steps
Mark Zuckerberg-run Meta on Thursday said it welcomes the decision of the National Company Law Appellate Tribunal (NCLAT) to stay the ban imposed by the Competition Commission of India (CCI) on WhatsApp and will evaluate next steps.
Elon Musk, Sam Altman fight over Stargate on social media
The xAI owner Elon Musk and OpenAI CEO Sam Altman are fighting on X about Stargate, the enormous infrastructure project to build data centres for OpenAI across the US.
Sensex jumps 566 points, Nifty holds at 23,000 as US tariff fears ease
The Indian stock market witnessed a roller-coaster ride on Wednesday, as benchmark indices Sensex and Nifty bounced back strongly in the latter half of the day after uncertainties over impending US trade tariff eased.
Trump 2.0 jitters: Sensex tanks over 1,200 points, Nifty ends at 23,024
As the new US President Donald Trump began his second innings with signing several executive orders along with sounding threats about impending trade tariffs on certain countries and BRICS nations, both Sensex and Nifty plunged on Tuesday.
Adani Energy Solutions wins its largest-ever Rs 25,000 cr Bhadla-Fatehpur HVDC project
Adani Energy Solutions Ltd (AESL) on Tuesday said it has won a Rs 25,000 crore Bhadla (Rajasthan)-Fatehpur (Uttar Pradesh) high voltage direct current (HVDC) order, its largest-ever order win to date.