인도의 디지털 화폐 정책과 핀테크 발전 가능성 연구

India’s IT infrastructure is lagging behind developed countries. Although mobile phones are almost all over the adult population, Internet users account for only 30% of the population. In the midst of this, under the Modi regime, a policy called Digital India is being promoted by the government for digital transformation. Although the main purpose of digital delivery is to improve administrative efficiency, maintenance of IT infrastructure and linkage with private services were considered from the beginning. Among them, Aadhaar, which can verify identity with national ID and biometric authentication, is distributed to 90% of the population, forming the world's largest biometric authentication platform. In India’s economy, the cash transaction ratio is said to be 80-90%, the transaction cost is high, and the government has a problem that it is impossible to determine the income of the people. The cash freeze, announced in November 2016, was primarily aimed at shrinking the underground economy, but as a result, increased India’s use of e-payments. At the same time as the Indian government promoted digitization, 300 million new accounts were opened by introducing a program that facilitates the opening of bank accounts that do not require account maintenance fees. Indian payment services are based on bank accounts, and in the platform operated by NPCI, India Payments Corporation, an architecture that can be modularized into identity verification, money transfer, and interface, respectively, and a combination of these can be used to build services. Fintech, which is attracting attention in developed countries, has only just begun, and has not seen any significant achievements except for electronic money services. However, considering ① the untapped market for financial services is large, ② the total population is large and it is advantageous in the deployment of Internet services, and ③ the identity verification platform of biometric authentication is established, there is a possibility of significant development in the future. Movements to support India’s fintech include ① creation of a payment bank ② expansion of e-commerce, ③ policy to promote entrepreneurship, and ④ Fintech Valley initiative. Above all, the development of fintech in India has challenges such as ① maintenance of infrastructure, ② improvement of financial literacy, and ③ securing of security. Although the level of fintech service in India currently being developed is by no means high, it has a unified system that can be flexibly reorganized using the latest technology, and the Indian government’s policy development method that spreads and leads to use of such a structure has a lot to learn.