NEW DELHI. Inaugurating the ‘Global Fintech Fest 2026’ in Mumbai, Prime Minister Narendra Modi declared the Unified Payments Interface (UPI) as the undisputed champion of India’s fintech revolution. Highlighting its staggering scale, the Prime Minister revealed that over 24 billion UPI transactions were recorded in August alone. He emphasized that this monumental transformation makes UPI essential to any global discussion on financial technology. Reiterating his core philosophy of technological empowerment, PM Modi praised UPI as a vital engine for financial inclusion that has successfully reached underserved areas ignored by traditional banking systems. Underscoring its broader impact, he cited French President Emmanuel Macron, who noted that UPI is “not just a tech story; it is a civilizational story.”
PM Modi also outlined the platform’s expanding international footprint, noting that UPI is now live in 11 countries and making global digital payments an everyday reality. Detailing the next strategic phase, he called for seamless integration between UPI and the domestic payment networks of partner nations, building on the cross-border model established with Singapore. He directed stakeholders to focus on regions with strong trade links or large Indian diaspora populations to lower transaction costs for cross-border remittances. By integrating global digital payment systems, the government aims to significantly accelerate funds transfers to families back home while reducing costs for the world’s largest remittance-receiving nation.
