India witnessing increasing digitisation, shift in consumers' financial behaviour: NITI Aayog's Rajiv Kumar

India is witnessing increasing digitisation with people getting greater and easier access to financial services, which has led to a shift in consumers' financial behaviour from cash to e-wallets and UPI, NITI Aayog Vice Chairman Rajiv Kumar said on Monday. Kumar, while addressing 'NITI Aayog's Fintech Open Summit', further said the rise of fintech has accelerated financial inclusion.

He also noted that the expansion of digital payments is an important pivot for creating a more equitable, prosperous and financially inclusive India. "India is witnessing increasing digitization with people getting greater and easier access to financial services. This has led to a shift in consumers' financial behaviour -- from cash to e-wallets and UPI," Kumar said.

Speaking at the event, Union Minister for Railways, Communications, and Electronics and IT Ashwini Vaishnaw said the government believes in creating open platforms, such as CoWin and UPI, for healthcare, logistics and other sectors. An open platform is created using public investment, wherein numerous private entrepreneurs, startups and developers can join to create new solutions, Vaishnaw added.