Fintech companies should not compromise on data privacy, said Finance Minister Nirmala Sitharaman

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Finance Minister Nirmala Sitharaman
Finance Minister Nirmala Sitharaman said on Tuesday that the number of people paying through digital means is increasing continuously and data privacy should not be compromised to keep people's data safe.
 

Finance Minister Nirmala Sitharaman said on Tuesday that the number of people paying through digital means is increasing continuously and data privacy should not be compromised to keep people's data safe. Addressing the fintech industry, the Finance Minister said that in the period January to August this year, a total of Rs 6 lakh crore digital transactions took place. This figure was Rs 4 lakh crore in 2020 and Rs 2 lakh crore in 2019.

Sitharaman said at the 'Global Fintech Fest 2021', "Data privacy is one of the most important things."

He said, “I think the security of customer data is the most important thing for building trust. I don't want to get into a lot of things unless my data is well protected. So this is an important principle.

A report titled 'UN Principles for Responsible Digital Payments' was also launched during this fest. These are guiding principles for the government, users, and business as well as industry.

In this report, special emphasis has been laid on increasing the participation of women in fintech.

Sitharaman said, “I am very impressed that today the United Nations Principles for Responsible Digital Payments is being launched. This is the need of the hour."

He said that the rate of adoption of fintech in India is 87 percent, while it is on the global average at 64 percent.

"I think India is an important destination for digital activities, digital payments," he said.