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PM Modi Calls for Global UPI Expansion to Cut Remittance Costs
Modi said UPI processed 24.51 billion transactions in August and should connect with more foreign payment systems to lower cross-border costs.
- On Tuesday, Indian Prime Minister Narendra Modi urged the fintech ecosystem to expand the global reach of the Unified Payments Interface during the 7th Global Fintech Fest in Mumbai.
- Modi stated expanding UPI to countries with large Indian diasporas is crucial to reduce transaction fees on remittances, as a significant portion of funds is lost to transfer costs.
- UPI has completed 10 years of operation with over 2.4 billion transactions recorded last month, while the platform is currently live in 11 countries including Singapore, France, and Nepal.
- The Prime Minister called for robust cybersecurity solutions and a fintech consumer protection index to rate company transparency; separately, Mumbai Police arrested two individuals near the venue for security concerns.
- India now possesses alternatives to global card systems, allowing the nation to set its own standards as the fintech industry pivots toward non-payment transactions like credit, insurance, and investment.
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PM Modi calls for global expansion of UPI and Fintech growth
MUMBAI: Prime Minister Narendra Modi on September 8 urged the fintech ecosystem to expand UPI’s global reach, integrate it with local payment systems in other countries, and help the Indian diaspora reduce remittance costs. India is taking its fintech journey to new heights, with innovation and inclusion at its core. Addressing the Global Fintech Fest 2026 in Mumbai. https://t.co/pMhokoCBjG — Narendra Modi (@narendramodi) September 8, 2026 Addre…
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