Praising the remarkable achievement of India’s rise in fintech, Prime Minister Narendra Modi has said that the country’s Unified Payments Interface (UPI) is the undisputed champion of this success story. Inaugurating the ‘Global Fintech Fest 2026’ in Mumbai, Mr Modi said this is such a massive transformation that whenever fintech is discussed, it will remain incomplete without UPI. Reiterating his core philosophy of technological empowerment, the Prime Minister praised UPI as the ultimate tool for financial inclusion, successfully penetrating areas ignored by traditional banking models.

The Prime Minister pointed out that over 24 billion UPI transactions occurred in August alone. Mr Modi said that because of this impact, French President Emmanuel Macron said that UPI is not just a tech story; it is a civilizational story. Highlighting the global expansion of India’s flagship digital payment system, Prime Minister said that UPI is now live in 11 countries, turning what was once unimaginable into an everyday reality for international payments.

Outlining the next strategic phase for international digital payments, Mr Modi emphasised the urgent need to integrate UPI with the domestic payment systems of partner countries, mirroring the seamless cross-border connectivity already established with Singapore. He directed stakeholders to actively link financial networks wherever large Indian populations reside or extensive trade occurs. Emphasising the economic benefits for the diaspora, PM Modi pointed out that reducing transaction costs for the world’s largest remittance-sending population is a critical priority. He explained that integrating digital payment systems globally would significantly accelerate the transfer of funds to families back home.