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MUMBAI — Prime Minister Narendra Modi has described the Unified Payments Interface (UPI) as the “undisputed champion” of India’s financial technology success story, emphasizing its critical role in driving both domestic financial inclusion and the nation’s growing global digital footprint.
Addressing the seventh edition of the Global Fintech Fest (GFF) 2026 on Tuesday, PM Modi noted that any discussion regarding modern fintech remains incomplete without acknowledging UPI’s transformative impact. Reflecting on the platform’s 10th anniversary, celebrated on August 25, the Prime Minister highlighted the massive scale of its adoption, pointing out that more than 24 billion UPI transactions were recorded in August alone.
“Millions of people who were previously outside the formal banking system are now actively participating in India’s digital economy,” PM Modi stated, underlining the platform’s success in extending banking services to remote demographics where traditional branches could not effectively reach.
The Prime Minister also charted the course for the next phase of India’s fintech growth. He called on industry stakeholders to build on the foundation of digital payments and significantly expand access to credit, insurance, savings, investments, and pension products. Furthermore, he advocated for greater technological self-reliance, urging the development of indigenous rules, protocols, and global financial technology standards to move beyond historical dependence on foreign-designed card payment systems.
On the global front, PM Modi celebrated UPI’s international expansion, noting that the digital payment system is now operational in 11 countries. He emphasized the need to connect UPI with domestic payment networks in partner countries, mirroring the cross-border digital connectivity already established with Singapore.
Expanding these international financial networks—particularly in regions with large Indian diaspora communities and significant trade relationships—remains a strategic priority. According to the Prime Minister, strengthening global payment connectivity will drastically reduce transaction costs, making remittances faster and more affordable for Indians sending money home to their families.
Amidst a backdrop of global economic uncertainty and supply chain pressures, PM Modi also highlighted India’s robust macroeconomic stability, pointing to the country’s 7.8% GDP growth in the recent quarter and its recent sovereign credit rating upgrade by the Japan Credit Rating Agency.
