This year’s Union Budget is betting on technology sectors to occupy a more central place in the Indian economy amid a bleak global outlook. There is a notable mention of fintech, underlining the government’s bid to get more people to use formal financial services.

The Economic Survey, shared a day before the budget, states that the fintech adoption rate in the country has reached 87%, higher than the global average of 64%. In digital payments, we are third after the US and China.

Industry insiders say payments, a segment the government has actively backed, is one of Indian fintech’s biggest success stories. Going forward, the idea is to leverage India Stack and digitise and popularise more services. But will know-your-customer policies, rules that companies struggle to live with and without, complement these efforts?