Union Minister for Communications Jyotiraditya M. Scindia has called for a more inclusive, secure and intelligent digital financial ecosystem, saying that access and trust must remain at the heart of India’s fintech expansion.
Addressing the Global Fintech Festival 2026 in Mumbai, Scindia described telecom connectivity as the “invisible highway” supporting the country’s rapidly growing fintech sector. He identified connectivity, computing capacity and trust as three crucial pillars for the next phase of digital finance.
India’s Digital Transformation Accelerates
Highlighting India’s progress over the past decade, Scindia said internet access has expanded from about 25 crore users to nearly 100 crore, while broadband connections have increased from around 6 crore to approximately 103 crore.
He said smartphones have increasingly become digital banking points for millions of Indians, providing access to banking, credit, investments and other financial services. Nearly 6.5 lakh villages, he noted, are now participating in the digital economy.
India’s 5G network has also expanded significantly since its launch in 2022. According to Scindia, 5G services now cover 99.9% of districts and nearly 85% of the population, supported by more than 5 lakh 5G base stations. Falling data costs have further helped make digital services more accessible.
UPI Highlights India’s Digital Public Infrastructure
Scindia cited the growth of the Unified Payments Interface (UPI) as a major example of India’s ability to build and scale digital public infrastructure.
From a modest beginning of around 90,000 transactions in its first month, UPI has grown to more than 740 participating banks and processed approximately 24,162 crore transactions valued at nearly ₹314 lakh crore during FY 2025–26.
He said UPI now accounts for around 84% of domestic digital transactions, while India contributes nearly 49% of global real-time digital payment volumes.
The minister also highlighted efforts to expand UPI internationally. The payment system is already being taken to nine countries, with plans to extend the model to another 20 nations.
Trust Becomes Central to Digital Finance
While emphasising innovation, Scindia stressed that security and public trust must develop alongside technological advancement.
He pointed to initiatives such as Sanchar Saathi and the AI-based ASTR system, which has helped identify and disconnect more than 88 lakh suspicious mobile connections.
The minister also highlighted the Financial Fraud Risk Indicator (FRI), designed to help identify suspicious transactions and prevent fraudulent payments before funds leave customers’ accounts.
He called for stronger standard operating procedures across banking networks and advocated moving from conventional, reactive fraud detection towards predictive mechanisms that strengthen trust in digital finance.
AI, Connectivity and the Road to 6G
Scindia said improved connectivity is also helping bring digital financial services to previously underserved areas. Through the Digital Bharat Nidhi, around 22,000 telecom towers are being established across nearly 34,000 villages without adequate telecom connectivity.
Looking ahead, he said the combination of artificial intelligence, computing infrastructure and digital networks could enable more personalised financial advice, advanced credit assessment and increasingly automated financial services.
He also highlighted India’s indigenous 4G telecom technology and ongoing work in 5G and 6G. Under its 6G mission, India aims to contribute 10% of global 6G patents and play a meaningful role in shaping international standards.
Scindia concluded with a vision of technology that moves beyond basic digital access towards greater financial intelligence and empowerment, stressing that India should innovate domestically, serve its citizens, contribute globally and ensure security at every stage.
