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Union Finance Minister Nirmala Sitharaman Presents Digital Payments Awards 2024–25 in New Delhi, Recognising Excellence in Fintech Innovation and Inclusion.

Awards | Dated: 04 Jul 2025

On June 18, 2025, Union Minister of Finance and Corporate Affairs, Nirmala Sitharaman, along with MoS Pankaj Chaudhary, conferred the Digital Payments Awards 2024–25 at Vigyan Bhawan, New Delhi, honouring 21 institutions for advancing India's secure, inclusive, and innovative digital payment ecosystem.

🎯 Key Highlights:

  • - The awards were organised by the Ministry of Finance, under the Digital India Programme and included 10 awards to banks and 11 awards to fintechs and payment service providers. The awards recognised institutions for categories such as UPI volume leadership, cybersecurity resilience, offline payment enablement, and rural reach under the Digital Payment Index.
  • - In the banking segment, leading institutions were honoured across various categories for their outstanding contributions to India’s digital payments ecosystem. Among Public Sector Banks, Punjab National Bank, Bank of Baroda, and UCO Bank were recognised. In the Private Sector category, HDFC Bank, IndusInd Bank, and City Union Bank received awards. Equitas Small Finance Bank (SFB) was awarded in the Small Finance Bank category, while the India Post Payments Bank (IPPB) topped the Payments Bank category. These banks were awarded for their excellence in UPI transaction volumes, enabling digital onboarding of rural merchants, and providing innovative, inclusive, and secure digital financial services across the country.
  • - Among fintechs and tech enablers, PhonePe, Paytm, Razorpay, and Ezetap stood out. PhonePe received the award for “Most Active Offline Payment Enabler,” driving widespread QR-code and UPI-Lite adoption. Fintechs were awarded for their contribution to Bharat Bill Payment System (BBPS), FASTag, AePS, and cross-border UPI pilot success.

💡 Other Important Facts:

  • (i) India’s digital payments ecosystem achieved a milestone in FY 2024–25 with 18,587 crore digital payment transactions, valued at over ₹261 lakh crore, and UPI penetration in 7 international markets, including UAE, France, and Singapore. The fintech adoption rate in India stands at 87%, far above the global average of 67%, according to EY Global FinTech Adoption Index.
  • (ii) IPPB (India Post Payments Bank) was especially recognised for its rural financial inclusion strategy, leveraging 2 lakh Gramin Dak Sevaks and postal staff to provide banking services in over 5.5 lakh villages, helping integrate underserved populations into the digital economy. It also won for Aadhaar-enabled payment system (AePS) outreach.
  • (iii) FM Nirmala Sitharaman emphasized India's future as “Phygital”—blending physical access with digital delivery. She highlighted risks such as deepfake cyber threats, urging fintechs to prioritise fraud detection, AI-based security, and digital literacy. She encouraged innovations like voice-enabled payments, UPI 123PAY, and Offline UPI (Near Field Communication) to expand reach in low-connectivity zones.

📚 Test Your Knowledge:

Which digital payments company won the award for "Most Active Offline Payment Enabler"?

Correct Answer: PhonePe

🚀 Quick Recap: