Mumbai, September 8, 2026 (Yes Punjab News)
Prime Minister Narendra Modi on Tuesday described the Unified Payments Interface (UPI) as the “undisputed champion” of India’s remarkable fintech success story, highlighting its rapid adoption and growing international reach.
Inaugurating the Global Fintech Fest 2026 in Mumbai, Modi said India’s fintech transformation could not be discussed without recognising the role of UPI.
“This is such a massive transformation that whenever fintech is discussed, it will remain incomplete without UPI,” the Prime Minister said.
Reflecting on UPI completing 10 years on August 25, Modi recalled the scepticism that initially surrounded the digital payments platform and contrasted it with its present-day reach among millions of citizens, including those previously underserved by traditional banking.
More than 24 billion UPI transactions were recorded in August alone, Modi said, adding that roughly 50 lakh transactions had already been processed during the first 10 minutes of the event. Referring to French President Emmanuel Macron’s remarks, he said UPI’s impact extended beyond technology.
“It is because of this impact that French President Emmanuel Macron said that UPI is not just a tech story, it is a civilizational story,” Modi said.
The Prime Minister noted that UPI is now operational in 11 countries and called for greater integration between India’s payment system and the domestic networks of partner countries.
He urged the fintech industry to focus on countries where large Indian communities reside or where India has significant trade, with the aim of making cross-border payments faster and cheaper.
“Wherever Indians live in large numbers, wherever India trades on a large scale, whichever country in the world is ready to walk with us, we have to work to connect them all,” he said.
Modi also highlighted the potential benefits for the Indian diaspora and remittance recipients, saying lower transaction costs and interconnected digital payment systems could enable money to reach families in India more quickly.
He called for the development of indigenous payment standards and protocols, arguing that India’s fintech industry has the capability to create systems that can be connected globally.
“Now we can make our own rules and standards and connect them with the world,” he said.
Highlighting UPI’s role in financial inclusion, Modi said digital payments had taken banking services to people and locations that traditional branches had struggled to reach.
“Where traditional banks could not reach, where bank branches could not reach, UPI has taken the banking system to that place, to that person,” he said.
Looking ahead, the Prime Minister urged the fintech sector to expand beyond payments and increase access to credit, insurance, savings, investments and pension products.
“Now in the fintech market, along with payments, the share of credit transactions must also increase,” Modi said.
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