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India Hosted World’s Largest Fintech Festival GFF 2021

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India hosted the 2nd edition of Global FinTech Festival (GFF) 2021, the World’s largest virtual fintech festival from September 28 to 30, 2021.

  • Theme: ‘FinTech: Empowering a Global Digital Economy’.
  • GFF 2021 is organised by National Payments Corporation of India (NPCI) and Fintech Convergence Council (FCC) and Internet and Mobile Association of India (IAMAI) along with Payments Council of India (PCI).
  • Minister of Finance and Corporate Affairs, Nirmala Sitharaman was the Chief Guest of the event which was presented by the Ministry of Electronics and Information Technology.

Key Points:

i.Objective: To sustain India’s leadership in digital payments and financial technologies, attract investors to the Indian startup ecosystem and explore the possibilities of globalisation of Indian fintech infrastructure and services.

ii.At the GFF 2021 Nirmala Sitharaman released the ‘UN (United Nation) Report on Responsible Digital Payments’ that provides good practices for financial consumer protection.

iii.She specified India as a prime destination for digital payments and activities as it has the highest Fintech adoption rate of 87 percent compared to the global average rate of 64 percent.

  • Digital payment transactions have grown from Rs 2 trillion in 2019 to Rs 4 trillion in 2020.

iv.The festival is supported by NITI Aayog, Startup India and Invest India. The World Bank and United Nations Capital Development Fund (UNCDF) are the institutional partners of the summit.

v.About 75 partners have collaborated for the summit, including Razorpay, Amazon Web Services (AWS) and Cashfree and over 115 countries have participated at the Summit.

vi.At the GFF 2021, NPCI has partnered with YES BANK and launched first-of-its-kind ‘RuPay On-the-Go’ contactless payments solutions, in association with fintech infrastructure partner-Neokred and manufacturing partner- Seshaasai.

  • Tap, Pay, go: RuPay On-the-Go will enable the users to pay up to Rs 5000 without the need to input the PINs through RuPay contactless-enabled PoS from the accessories they wear.
  • For payments above Rs 5000, the customers need to tap, followed by their PIN.

Recent Related News:

In September 2021, the National Payments Corporation of India (NPCI) partnered with fintech firm ‘Fiserv’ to launch “nFiNi”, a RuPay based Application Programming Interface (API) platform to boost Credit card-based products in India.

About National Payments Corporation of India (NPCI):
Establishment – 2008
Headquarters – Mumbai, Maharashtra
MD & CEO – Dilip Asbe