India is one of the "fastest-growing" fintech market on the globe and is far ahead of the US in terms of financial innovation, said Steve Daines, a Republican lawmaker from the United States
Bengaluru: India is one of the "fastest-growing" fintech market on the globe and is far ahead of the US in terms of financial innovation, said Steve Daines, a Republican lawmaker from the United States (US), as reported by Livemint.
He added, "India processed nearly 10 billion more real-time payments than China in 2020, $25.5 billion, versus $15.7 billion for China”.
As against India and China, the US processed just $1.2 billion of real-time payments.
Daines' observation got support from Darrel Duffe, who is the Adams Distinguished Professor of Management and Professor of Finance at Stanford Graduate School of Business. He said, "At this stage, the United States has fallen behind even India and China with respect to digital currency technology. And the competition for commercial services internationally is very important."
Daines also asserted that the US faces a challenge from China, which has launched a digital Yuan in hope that will one day displace the dollar as the world's dominant reserve currency.
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