PM Modi Urges Fintech Sector To Expand UPI Globally

Prime Minister Narendra Modi on Tuesday inaugurated the 7th edition of the Global Fintech Fest in Mumbai, where he urged the fintech ecosystem to expand the global reach of the Unified Payments Interface (UPI).

The Prime Minister emphasized the need to connect UPI with local systems in other countries, which would help the Indian diaspora save on remittance costs. He noted that UPI is currently live in 11 countries and has also connected with Singapore's local system.

Modi encouraged the fintech sector not to rest on its laurels, but to aim for further expansion of UPI's reach. He suggested focusing on countries with a large Indian diaspora, high trade volumes with India, or those willing to partner with India.

The Prime Minister highlighted the benefits of UPI, including reduced transaction costs and faster remittances. He also noted that global card payments currently run on systems designed in other countries, but India now has an alternative.

Modi reiterated the words of French President Emmanuel Macron, stating that UPI is not only a tech story but also a civilizational one. He emphasized the need for India to set its own rules and standards and connect them with the world.

The Global Fintech Fest 2026 is a significant event, bringing together experts and stakeholders in the fintech sector. The event aims to promote innovation and collaboration in the field, with a focus on expanding India's digital payments ecosystem.

In recent years, India has made significant strides in digital payments, with UPI being a key driver of this growth. The expansion of UPI globally is expected to have a positive impact on the Indian economy, particularly in terms of remittances and trade.

The Prime Minister's call to action is expected to encourage the fintech sector to work towards expanding UPI's global reach, which would have far-reaching benefits for India and the global economy.

The event was also attended by RBI Governor Sanjay Malhotra, who praised the fintech sector for putting India at the forefront of digital innovation.

Overall, the Global Fintech Fest 2026 is an important event that highlights India's growing influence in the global fintech sector. The Prime Minister's speech emphasized the need for further innovation and expansion, which is expected to drive growth and development in the sector.

The expansion of UPI globally is a significant development that is expected to have a positive impact on the Indian economy and the global economy. It is a testament to India's growing influence in the global fintech sector and its ability to drive innovation and growth.

In conclusion, the Prime Minister's speech at the Global Fintech Fest 2026 emphasized the need for the fintech sector to expand UPI's global reach, which would have far-reaching benefits for India and the global economy.

The event highlighted the significance of the fintech sector in driving growth and development, and the importance of innovation and collaboration in the field.

The Prime Minister's call to action is expected to encourage the fintech sector to work towards expanding UPI's global reach, which would be a significant step forward for India and the global economy.