Advent Of Digital Identity A Gamechanger: Subodh Sachan, STPI
The Unified Payment Interface (UPI) is another game changer, driving a significant surge in digital transactions and payments, Sachan says
With the Indian financial sector undergoing a technological renaissance, the dynamism of fintech innovations is fueling the entire ecosystem. Undeniably, the fintech industry has emerged as a powerful force, reshaping the financial landscape with ground-breaking solutions. From digital payments to robo-advisors and blockchain, there is no dearth of examples that testify to the growing potence of these technologies in transforming traditional ways of functioning and making way for unprecedented opportunities.
At the fourth edition of BW Businessworld’s Festival of Fintech, Subodh Sachan, Director, STPI, gave an overview of how great technological advancements have happened in the past decade, where innovations in fintech have happened at the forefront of everything, from how people look at things, interact with the ecosystem, map changing consumer preferences, and more.
For Sachan, there is a lot as an ecosystem that India has achieved, “While we have achieved a lot, changes have happened primarily because of the foundational journey, which began in 2012–13. It was the rise of digital public infrastructure that ensured everyone had access to and a connection to the ecosystem.”
“The game changer has been the advent of digital identity. For any digital transformation to happen, it has three strong pillars: identity, data exchange, and how you interact with the infrastructure. As a country, we have achieved a hugely in terms of the digital identity platforms that we have built,” he added.
The other game changer, for Sachan, is the Unified Payment Interface (UPI), as India witnesses a huge number of digital transactions in the form of digital payments. “In May 2024, we already touched 450 million digital transactions on a daily basis. In two years, 1 billion digital transactions will be easily possible. The value of transactions has also touched Rs 66,000 crore on a daily basis,” he said.
