PM Modi Urges Fintech Industry To Take UPI Global, Reduce Remittance Costs For Indians Abroad

Mumbai: Prime Minister Narendra Modi on Tuesday called on India’s fintech industry to take the Unified Payments Interface (UPI) to more countries, integrate it with local payment networks and help millions of Indians abroad reduce the cost of sending money home.

PM Calls For Global Expansion Of India’s Digital Payment System

Addressing the 7th edition of the Global Fintech Fest after its inauguration, Modi said UPI is already operational in 11 countries and has been integrated with Singapore’s domestic payment system. He urged the fintech ecosystem to build on the success of the past decade and focus on taking India’s digital payment infrastructure to the global stage.

The Prime Minister suggested prioritising countries with a large Indian diaspora, substantial trade ties with India and those willing to collaborate on integrating their payment systems with UPI.

UPI Can Lower Remittance Costs For Overseas Indians

He highlighted the potential benefits for overseas Indians, who account for a significant share of global remittances. Transaction charges currently eat into a portion of the money sent home, he said, adding that UPI could lower these costs while enabling faster transfers to families in India.

Modi also stressed that India now has the technological capability to offer an alternative to global card payment networks that have traditionally been built around systems developed in other countries.

India Can Shape Global Digital Payment Standards, Says PM Modi

“India can set its own rules and standards and connect them with the world,” he said, underscoring the need for the country to play a greater role in shaping global digital payment standards.

Referring to French President Emmanuel Macron’s earlier remarks, Modi said UPI represented more than a technological achievement, describing it as a reflection of India’s civilisational approach to innovation and connectivity.

With digital payments having emerged as a major success story, the Prime Minister said the fintech sector should now turn its attention to non-payment financial services and develop new solutions.

He also called for greater emphasis on cybersecurity and ethical data protection. Modi advocated developing advanced cybersecurity products, establishing robust data protection standards and creating a stronger regulatory framework for the fintech sector.

He further proposed a Fintech Consumer Protection Index that could assess companies on parameters such as transparency, helping consumers make informed choices and encouraging greater accountability across the industry.

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