VOI World/ Desk
Indian PM Modi has called for UPI global expansion, urging India’s fintech industry to connect the Unified Payments Interface with payment systems in more countries and reduce the cost of cross-border transactions.
Speaking at the Global Fintech Fest 2026 in Mumbai on Tuesday, PM Modi said the next phase of India’s fintech journey should focus on taking UPI beyond its domestic success. He highlighted its potential to benefit Indians living abroad, who send large amounts of money back to India and often pay significant transaction fees.
UPI is currently operational in 11 countries, including Singapore, the UAE, France and Nepal. India has already linked UPI with Singapore’s PayNow system, allowing cross-border transfers between the two countries. The platform processed 24.51 billion transactions worth around $314 billion in August 2026, according to Reuters.
PM Modi said India should prioritise countries with large Indian communities, major trading relationships with India or an interest in digital cooperation. Such integration, he said, could make international payments faster and cheaper while helping families receive remittances more efficiently.
The Prime Minister also called for India’s fintech sector to expand beyond payments into credit, insurance, savings, investments and pensions. He urged the industry to strengthen cybersecurity, ethical data protection and consumer safeguards while encouraging innovation.
The push for UPI global expansion comes as India seeks to establish its digital public infrastructure as a model that can be connected with financial systems worldwide. The government says UPI handled 24.509 billion transactions in August and accounts for nearly half of global real-time digital transaction volume.
