The Department of Financial Services (DFS), Ministry of Finance, hosted the Digital Payments Awards 2025 at Vigyan Bhawan, New Delhi, to acknowledge top-performing banks and fintech companies for their contribution to strengthening India’s digital payments ecosystem. The event was presided over by Union Finance and Corporate Affairs Minister, Nirmala Sitharaman, and Minister of State for Finance, Pankaj Chaudhary.
The ceremony recognised the efforts of key stakeholders in advancing financial inclusion and digital innovation across the country. A total of 21 awards were presented—10 to leading banks and 11 to high-performing fintech companies. These awards were based on performance across parameters such as digital transaction volumes, merchant acquisition, fraud and grievance management, product innovation, and system resilience for FY 2024–25.
The awards presented to fintechs were divided into three categories: Emerging Third-Party Application Providers (TPAPs), Digital Payments Acceptance Infrastructure, and Technical Service Providers. The initiative is part of the government’s broader strategy to promote digital transactions, expand financial inclusion, and strengthen India’s position as a global leader in digital payments.
In her address, Finance Minister Nirmala Sitharaman praised the rapid pace of innovation in the country’s fintech sector, noting that “the speed with which innovation is happening in the country is a dream for many.” She emphasized that India’s digital payments achievements are a result of collaborative efforts, stating, “India’s digital payments success story is a collective effort of all the stakeholders.” She also highlighted that India achieved 80% financial inclusion in just six years—progress that, under normal circumstances, would have taken five decades.
The Finance Minister further underscored India’s global leadership in real-time digital transactions, reporting that nearly half of such transactions worldwide occur in India, supported by 35 crore active users on the UPI platform. She acknowledged the international footprint of Indian digital payment systems, with UPI now active in seven countries, and appreciated the role of the Reserve Bank of India’s sandbox framework in fostering innovation.
She also called on banks and fintech firms to extend their services to underserved regions. “To achieve the goal of Viksit Bharat, make sure to push the boundaries and set new milestones,” the Finance Minister said.
Minister of State for Finance Pankaj Chaudhary highlighted the foundational role of banks in building infrastructure and trust, while fintech companies have contributed significantly to user-centric innovation. He cited key government-led initiatives such as the Pradhan Mantri Jan Dhan Yojana (PMJDY), which has resulted in the opening of over 55.54 crore accounts with total deposits exceeding ₹2.57 lakh crore. Of these, 30.99 crore accounts are held by women, and 37.05 crore are based in rural and semi-urban areas.
He also highlighted the role of RuPay cards and UPI in democratizing digital access, and noted that Direct Benefit Transfers (DBT) have transferred more than ₹44.34 lakh crore directly into beneficiary accounts, turning Jan Dhan accounts into functional financial tools.
The Digital Payments Awards 2025 marked an important milestone in India’s digital transformation journey, celebrating institutions that have enabled secure, inclusive, and efficient financial services across the country.
