Fintech firms enabling secure, inclusive financial services for merchants, MSMEs: FM
During her visit to the office of fintech company Pine Labs, FM Sitharaman acknowledged India’s fintech firms’ contribution to expanding the country's digital public infrastructure.
Finance Minister Nirmala Sitharaman on Tuesday said innovations by fintech companies have enabled seamless, secure, and inclusive financial services for merchants and MSMEs.
During her visit to the office of fintech company Pine Labs in Noida, Sitharaman acknowledged India’s fintech firms’ contribution to expanding the country's Digital Public Infrastructure (DPI).
She also said that fintech companies are enabling seamless, secure and inclusive financial services for merchants and MSMEs, the finance ministry said in a series of posts on X.
The Minister also witnessed demonstrations by Pine Labs on innovative fintech solutions being developed around prepaid instruments, the Account Aggregator (AA) framework, and digital services used in the Public Distribution System (PDS) and other government schemes and services, it said.
She also interacted with employees and customers of Pine Labs during the visit.
Recent studies have highlighted how fintech solutions are transforming credit access and offering innovative financial products tailored to MSMEs.
For instance, in a study that surveyed over 2,000 MSMEs across 19 sectors in India, SIDBI reported that 90% of MSMEs now accept online payments, reflecting a substantial shift toward digital transactions.
However, only 18% currently use digital lending platforms, suggesting potential for further growth in digital credit adoption.
Edited by Suman Singh