India Among 'Fastest Growing' Fintech Markets In World, Far Ahead Of US In Financial Innovation: US Senator Steve Daines

Steve Daines, a Republican lawmaker from the United States (US), has described India one of the "fastest-growing" fintech market on the globe and said that India is far ahead of the US in terms of financial innovation, reports Livemint.

"India processed nearly 10 billion more real-time payments than China in 2020, $25.5 billion, versus $15.7 billion for China," Daines, a Senator from Montana, said during a Congressional hearing.

He underscored that compared to India and China, the US processed just $1.2 billion of real-time payments.

Seconding Daines' assertion, Darrel Duffe, who is the Adams Distinguished Professor of Management and Professor of Finance at Stanford Graduate School of Business 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.