Fintechs need to focus on offline payments solutions: DFS Secretary

New Delhi: Financial technology (Fintech) companies will have to play a critical role in advancing consumer protection and should focus on strengthening offline payments solutions, Department of Financial Services Secretary M Nagaraju said on Monday.

Speaking at an event organised on the Confederation of Indian Industry (CII), Nagaraju also asked Fintech firms to develop robust solutions against fraud, hacking, and other cyber threats.

“I would like to take this opportunity to request Fintechs to focus their attention and efforts on payment solutions for offline payments, voice-based authorisation, poor connectivity coverage, as well as cross-border payments,” he said.

Nagaraju reaffirmed the government’s commitment to financial inclusion and democratisation of credit access.

“Fintechs have a great opportunity to take financial education to a large number of people in the country. Actually, one of the reasons why many people fall victim to frauds, or cyber frauds, is because of the lack of financial education,” he said.

He highlighted the government’s sustained efforts in fostering a supportive ecosystem for Fintech innovation, underpinned by a strong digital infrastructure and transformative welfare schemes.

Notable among these are Jan Dhan Yojana, Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Swanidhi Yojana and the Atal Pension Yojana, which have significantly expanded the reach of formal financial services.