India’s fintech future hinges on convergence of connectivity, AI and trust: Jyotiraditya Scindia at GFF

According to fresh market updates, India’s next phase of fintech expansion will depend on the convergence of telecom connectivity, digital public infrastructure, artificial intelligence and security, Minister of Communications, Jyotiraditya M Scindia stated on Thursday, underlining the need to make emerging technologies accessible beyond large corporations and financial institutions.

Speaking at the Global Fintech Fest, Scindia stated India’s fintech revolution was “inseparable from its connectivity revolution”, with the mobile phone increasingly functioning as a bank branch and the telecom network as a financial highway.

He described connectivity, compute and trust as the “new digital trinity”, needed to make digital finance ubiquitous and secure. India’s internet user base has grown from around 25 crore a decade ago to more than 100 crore, while broadband connections have risen from six crore to over 102 crore, Scindia noted, while adding that the rapid expansion of 5G has further strengthened this infrastructure.

Softer data costs have additionally supported digital adoption. Falling voice tariffs, and data costs declining from Rs 287 per GB to around Rs 9 per GB have made India one of the world’s lowest-cost data markets, he stated.

“These are not purely telecom statistics. These statistics tell you a different story. They portray the case of economic mobility,” Scindia noted.

The minister additionally highlighted the scale of the country's UPI network, which has expanded to more than 1,000 banks from 21 banks and 90,000 transactions a month in its early days.

"The UPI network stands out as a beacon of success as 84 percent of our transactions take place on UPI and 49 percent of the world's digital transactions take place in India. This technology has gone to 9 countries and we look at taking it to the next 20 countries," he stated.

The next stage, that stated, he stated, will involve connecting not just people but machines, platforms and intelligence. The government’s India AI Mission, with a capitalisation of nearly Rs 20,000 crore, includes 38,000 GPUs, 14 cloud partners, 7,500 datasets and more than 250 AI models.

"These capabilities could enable faster credit assessments, personalised financial advice and real-time fraud detection," Scindia stated.

Parallely, the increasing use of AI and digital finance additionally brings greater risks by fraud, compromised digital identities, and AI-generated voices.

"Financial infrastructure must shift from detecting fraud after the event to anticipating and preventing it," he stated, highlighting the need for increased security measures.

Scindia stated the government’s Sanchar Saathi platform allows citizens to report fraud, block stolen devices and act against suspicious connections, adding that the AI model Astra has helped disconnect 88 lakh mobile phones considered suspicious for fraudulent activity.

Looking ahead, the official called for greater convergence between 5G, BharatNet, Aadhaar, UPI, fintech and AI, with privacy, consent and security built into the system.

"Digital India democratised access. I now call upon you that intelligent India must democratise intelligence,” Scindia stated, stating that AI and fintech should not stay the preserve of large corporations, banks or big customers. 6G Mission

India, Scindia stated, is moving from being merely a market for technology to becoming a maker of technology, designer of standards and builder of platforms.

“We were behind the world on 4G. We marched with the world on 5G. But I commit to you…we will lead the world on 6G,” he stated, adding that the government's mission in clear: "Innovate in India, build in India, scale in India, serve in India, but from India serve the world and serve it securely."