Republic Party Senator Steve Danes said, India is the fastest growing fintech market, ahead of the US in financial innovation. Danes said that compared to India and China, the US received only $1.2 billion in immediate payments.
Washington. republic party senator Steve Danes India is the fastest growing FinTech market in the world and is well ahead of the US in terms of financial innovation. The Montana lawmaker said the US is facing a challenge from China, which has offered the digital yuan, and he thinks it will one day replace the dollar as the world’s leading reserve currency. “Besides the digital yuan, it is no secret that China and many other countries are far ahead of us in terms of financial innovation,” he told the Senate Banking, Housing and Urban Affairs Subcommittee on the Central Bank’s Digital Currency Policy. Huh.”
He said, “India is one of the fastest growing fintech markets in the world. In fact, the total instant payments made by India in 2020 was about US$10 billion more than that of China. This figure stood at $25.5 billion in India and $15.7 billion in China.” Danes said that compared to India and China, only $1.2 billion was paid immediately in the US. Fintechs are financial companies that are using technology to accelerate operations and cut costs.
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